Alliance Capital Holdings Group has expanded into stockbroking with the launch of a new firm Alliance Stockbrokers Limited (ASL) which brings total number of stock broking firms on the Malawi market to four.
ASL seeks to win stock broking customers at a time when the country ‘economy has been slow in creating wealth because of macroeconomic instability and stagnation in economic diversification.
However, Alliance Capital Holdings chairman, Charles Chuka, a former Reserve Bank of Malawi (RBM) governor, said the entry of the new stockbrokers is a milestone for the further enhancement of Malawi’s equity market and economic development.
“As our motto goes, when you succeed we will succeed too. This is one of the key guiding philosophies of our group of companies, we therefore remain committed to stretching ourselves in ensuring that you continue to get real value from your investments with us,” he said.
Chuka said Alliance Capital through its firm ASL will continue to build upon its belief in “integrity, agility and innovation” as they conduct their business.
He said they aim to attaining “maximum value and convenience” for their customers through the application of modern technologies.
Chuka said Alliance Stockbrokers Limited will play “our part in building public confidence” in the industry and financial services as a whole.
Malawi Stock Exchange (MSE) chief executive officer John Kamanga said the coming in of ASL would enhance competition among the players in the market.
He said there is more that needs to be done if MSE is to register vibrant growth.