This archive report was first published on 18 June 2020.
Published on June 18, 2020, The Standard reported on African Alliance Kenya Investment Bank's shift in focus to digital services.
African Alliance Kenya Investment Bank is expanding its business scope to offer financial services beyond brokering, citing declining business at the Nairobi Securities Exchange.
The company, which traditionally focused on offering brokering services in the Nairobi bourse, will now venture into the digital, treasury, and asset management space.
According to the company, the move was necessitated by the structural decline in the agency trading model in both local and global financial markets.
“The AAKIB Board, along with management, constantly reviews the business segments in which the Company operates and as a result of the structural decline in the agency trading model in both the local and global financial markets has decided to divest from its Stockbroking activities,” said the firm in a statement.
Notably, this move comes just over a year after African Alliance announced the closure of its Ugandan brokerage business, citing low market activity.
AAKIB saw its commission drop from Sh84.2 million in 2018 to Sh42.7 million in June last year, according to its half-year results.
