Introduction Private Banking and Wealth Management, in its breadth and depth, is increasingly becoming a much-sort-after financial service in Africa, thanks to the economic renaissance happening across the continent and the emergence of a solid class of the ‘nouveau riche’ and the surge in pension funds. Africa is largely regarded as the last emerging opportunity.
The growing Betting, Gaming, Lottery and Competition industry in Kenya has been dealt a major blow after the government increased the taxes charged on the sector by over 200% in the 2017-2018 national budget. The new tax, proposed by Treasury Cabinet Secretary Henry Rotich raises levies charged on Betting, Lotteries, Gaming and Competition from
The platform manages to attain a less than 10-seconds transaction turnaround rate A total of 2 million bank customers have signed up for the newest money transfer service, Pesa Link owned by the bankers’ umbrella body, Kenya Bankers Association. This milestone has been achieved barely two months after the initiation of the service by local
The European Investment Bank has signed two new credit lines for East-Africa this morning for a total of EUR 95 million Ksh 10.45 billion to be made available through Equity Bank and HFC Limited to support smaller local projects in Kenya, Tanzania, DRC and Uganda. EIB Vice President Pim Van Ballekom, responsible for operations in
Kenya has opened its first intimate production facility to ramp up production to the attractive global market. The Athi-River-based, Hela Clothing, a US$ 6 million investment has exported US$1.5million worth of undergarment in 6 months for Calvin Klein, Victoria Secrets and other licensed brands owned by US clothing conglomerate Phillips-Van Heusen Corporation (PVH Corp). According
Monday, March 20, 2017, The Private Banking and Wealth Management Forum is a timely event that seeks to officially initiate the conversation around wealth management, the steady year on year increase in number of High Net Worth Individuals (HNWIs) and its impact on a growing wealth management industry. Over the past decade, African economies have
Banking services group, I&M Bank Limited has announced a 9% after tax profit growth for its 2016 full year trading results. Speaking following the release of the results, I&M Bank Kenya Chief Executive officer, Mr. Kihara Maina noted the results were largely satisfactory given the severe operating environment the industry as a whole was facing.
The Sanlam Group, through its subsidiary Sanlam Emerging Markets (SEM), is pleased to announce that it has reached an agreement with PineBridge Investments (“PineBridge”), a leading global multi-asset class asset manager, to acquire PineBridge’s majority stake in PineBridge Investments East Africa Limited in Kenya (PIEAL). The transaction is subject to regulatory approval, following which PIEAL
Make tax predictability a budgeting priority to spur growth, business leaders urge