The South African merchant banking giant RMB has launched its first operational office in Kenya in a move that extends the group’s scramble for business throughout the sub Saharan region.
In a statement released yesterday RMB said the Kenyan office will strengthen its strategy to market products and services to corporates and parastatals , as well as companies looking to invest in both the country and the East African region as a whole. The office is launched through a license granted to FirstRand recently.
The group said the Kenyan development was in line with FirstRand’s strategy to build a strong presence on the African continent. Targeting a number of high growth markets, it executes through the appropriate operating franchises in this case RMB. Kenya was identified some time ago as offering strong growth prospects particularly with regards to corporate and investment banking.
RMB is already a significant participant in the East African region and is assessing deals worth over US$650m in the Kenyan market alone.
“By having a physical presence in Nairobi, we will be closer to the needs of our Kenyan partners. We are keen to feel their pulse and work out tailor-made solutions for our existing and potential Kenyan clients,” said RMB chief representative officer in Kenya, Lloyd Muposhi.
“We already have Kenyan and East African exposure on our books and see it as an area of high growth and good opportunities,” said RMB head of investment banking and coverage for Africa, Michael Larbie. “We are particularly active in a number structured trade and commodity finance transactions and hope to extend our expertise to larger infrastructure projects and across the economic spectrum, both with entities in the East African region and those in South Africa interested in accessing the market further north.”