Wanjiku Mugane
Wanjiku Mugane
Standard Chartered Bank has shut down its Corporate Advisory Unit in Kenya in changes that has led to the exit of the unit's Head and Founder - Wanjiku Mugane.
The bank said financial advisory work including equity capital raising, business disposal and joint ventures coming from East Africa will now be covered from Johannesburg.
It is believed that the Nairobi unit was closed because it was struggling to get advisory deals in a market dominated by firms like Standard Investment Bank, Dyer & Blair and Faida Securities.
The deal making unit was established in 2006 after Standard Chartered Plc acquired a 25 per cent stake of First Africa Group, which was co-founded and led by Mugane. The bank acquired First Africa fully in 2009 and renamed it Standard Chartered Securities and has been led by Mugane, since the initial deal seven years ago.