Afrika Investment Bank
|Afrika Investment Bank|
|Key People||Chairman George Maina|
Nairobi, Kenya-based Afrika Investment Bank (AIB) has grown rapidly in the year since changing its name from Ashbu Securities in early 2008. AIB specializes in handling Kenya's institutional broking and now dominates trading in large bank stocks on the Nairobi Stock Exchange.
Afrika Investment Bank (AIB) was formed 10 years ago as stockbroker Ashbu Securities, trading equities on the Nairobi Stock Exchange (NSE) for larger investors, but have since branched into corporate and institutional finance for its biggest clients. Following its name change from Ashbu Securities to AIB in early 2008 the brokerage quickly expanded its market share of trading volume on the NSE from 2.9% in 2007 to to 8.1% last year, mostly through growth in institutional investors business, Business Daily Africa BDA reported.
AIB Chairman George Maina was previously Managing Director of BP/Shell (Kenya) External Affairs Director of Shell Africa and has also held senior posts with Shell in Central America and the Caribbean. Maina has served has served as a corporation director across a range of economic sectors and currently serves on the board of the African Conservation Centre, NIC Bank and Unilever Tea Kenya Ltd. among others.
AIB totalled more than half of all NSE trading in December 2008 largely through trading shares of rival banks Equity Bank and Co-op Bank, BDA reported in January (see History above). AIB exclusively handled the sale of a tranche of Equity Bank shares by Ghana-based private equity group Africap Ltd. and reportedly dominates trading in listed Co-op Bank shares, now barely above their IPO price of 2008