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SBM gets licence to deal in securities

SBM Bank
SBM Bank on Mama Ngina Street in Nairobi on August 21, 2018. FILE PHOTO | NMG 

The Capital Markets Authority (CMA) has licensed Mauritian lender SBM Bank Kenya, which recently took over the collapsed Chase Bank, to operate as an authorised security depository and authorised dealer.

The CMA also licensed Nyachae family-linked Credit Bank Ltd to operate as an authorised depository.

This brings the number of authorised securities dealers to three and the depositories to 20.

SBM Bank officially kicked off operations in Kenya last August after its parent bank SBM Holdings took over the collapsed bank.

An authorised securities dealer buys, sells, deals, trades, underwrites or retails fixed income securities.

According to the Capital Markets Act, an authorised securities dealer is allowed to deal in securities and operate in a specified market segment as may be prescribed by the CMA.

Meanwhile the CMA board, also approved a licence to AFG Wealth Kenya Limited to operate as an investment adviser in Kenya, bringing the number of investment advisers in the country to 15.

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