Remarks by Mrs. Stella Kilonzo, Chief Executive, Capital Markets Authority during the Custodial Business Clients Welcome Cocktail on 14th July 2011 At Standard Chartered Building on Chiromo Road
The Chief Executive Officer of Standard Chartered Bank, Mr Richard Etemesi;
Others Standard Chartered Bank Board Members present;
Ladies and Gentlemen;
It is my pleasure to join you here today to celebrate one of Standard Chartered Bank's key milestones. This exciting journey began in April last year when the bank announced that it had agreed to acquire the African custody business from Barclays Bank PLC. The African custody business forms a key part of Standard Chartered Bank's growing network of international custodian services, alongside existing capability in Asia and the Middle East. The Africa-wide acquisition adds custody capabilities in a number of African markets through a network of third-party sub-custodians via an operations hub in Mauritius.
Evidently, this move by Standard Chartered was strategic because of the increased demand for regional and international investment services across this region. This will in turn go a long way in providing clients with wholistic services that promote further growth of this industry. The impact of the Standard Chartered custodial services on the African and particularly the Kenyan capital markets cannot be overlooked. This acquisition has given Standard Chartered Bank's Asian customers an opportunity to invest in the African capital markets.
Being one of the oldest multinational banks in Kenya, I would urge Standard Chartered to continue to diversify its product offering to contribute to deepening of financial services industry in Kenya and the region.
The Capital Markets Authority is committed to continuing with the reforms agenda in the capital markets to provide an enabling environment for mobilizing long term savings and investments. The Authority's focus has been on introduction of new products as well as strengthening of the legal and regulatory framework to position the capital markets to enable them facilitate raising, absorption, and channeling of financial resources to productive economic activities.
We appreciate Standard Chartered Bank group for offering diverse services that are licensed by the Authority and for being proactive in supporting market development initiatives.
Once again I wish to salute the Board and the Management of Standard Chartered for this achievement.