The next stage in the evolution of our banking industry is definitely on with bank after bank either recapitalising, chasing new ventures or markets or looking for partners to take them to the next level.
In a major/ surprise/shock/disappointing move, Equity will seek capital help from an outside firm. The move is puzzling because I think the NSE has a lot of liquidity if that was what Equity needed if not just now , next year. My guess is that its partly political insurance and partly a reaction to BBK's
move last week.
NIC has also confirmed the rumoured move for Solid Investment one of the smaller brokers at the NSE. Following its failure to get the Francis Thuo seat, I think this move even more than that of Renaissance will really shake up competition at the NSE at least in the next 6 months or so before demutualisation.
Sasini joined BBK with its own Ksh600m bond. At this rate, Safcon may end up being undersubscribed...not.