Central Bank of Kenya Okays Mayfair Bank to Start Operations
The Central Bank of Kenya (CBK) announces the granting of a licence to Mayfair Bank Limited to conduct banking business in Kenya. The license has been granted pursuant to Sections 4 and 5 of the Banking Act (Cap 488) following the fulfilment of the stipulated licensing requirements.
Mayfair Bank Limited will principally target the corporate market segment. It will launch its presence with an initial network of three branches (two in Nairobi and one in Mombasa).
Nairobi gubernatorial aspirant Peter Kenneth is the founder of Mayfair Group, which owns Mayfair Insurance – one of the key shareholders of the proposed Mayfair Bank. Other investors in the proposed bank are a Nairobi-based lawyer and the wealthy family that owns Grain Bulk Handlers from Mombasa, as the single largest shareholders through Masumin Investments Limited. Ambrose Rachier, also the chairman of Gor Mahia Football Club, is listed among the 25 shareholders of the Bank.
“The entry of Mayfair Bank Limited will broaden the choices available to the Kenyan banking public and enhance the competitive environment in the banking sector.” CBK said in a statement.