Money Markets
Mr James Ndegwa, the newly appointed chairman of the Capital Markets Authority. PHOTO | FILE
By GEOFFREY IRUNGU
Stockbrokers on Tuesday welcomed the appointment of
James Ndegwa as the Capital Markets Authority (CMA) chairman, terming
him the first holder familiar with the sector.
“This is indeed the first time in the capital markets
history that the industry has had the benefit of having the chairman of
the CMA as a person well versed in the financial markets industry,” said
Kenya Association of Stockbrokers and Investment Banks (Kasib) chairman
Jimnah Mbaru in a statement.
The stockbrokers said Mr Ndegwa, the NIC Bank
chairman, has a proven track record of successful stewardship of
blue-chip firms in commercial banking, asset management, investment
banking, insurance and stockbrokerage in Kenya and East Africa.
Mr Ndegwa is the chairman of First Chartered
Securities Ltd — the holding company for many of the firms associated
with the late Philip Ndegwa family — and a director of several
companies.
Previously he was the managing director of Lion of
Kenya Insurance Company until 2003. He joined the NIC Bank board in
November 2003 and was appointed chairman in 2005.
Kasib also welcomed the appointment to the CMA board of Chris Kiptoo and Ms Linda Muriuki as directors.
“This (appointment) has come at a very opportune
time when we are positioning Kenya as an international financial
services centre,” said Mr Mbaru.
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