June 27th 2017

Business / News

Kenya to get two more commercial banks, taking number to 44

"The entry of these banks on the fulfillment of all the pre-licensing conditions will expand the range of banks’ business models and underscore Kenya’s growing stature as a regional financial services hub," CBK said.

By Edith Kariukiekariuki@kenyafreepress.comMonday, 13 Mar 2017 16:56 EAT

Kenya is due to get two new commercial banks after the Central Bank approved applications by two sets of investors to establish them. CBK said in a press release today that it had given investors behind DIB Bank Kenya Limited (In Formation) and Mayfair Bank Limited (In Formation) the go ahead to comply with industry regulations.

The first stage of approval which both proposed banks have passed is known as "approval in principle”. It involved lifting the moratorium on licensing of new commercial banks, and both institutions got it before the moratorium was declared on November 17, 2015. The proposed banks will ow "take the remaining steps to finalise their license applications," CBK said in a statement.

According to the Bank's press release, DIB Bank Kenya Limited (In Formation) is a wholly owned subsidiary of the Dubai Islamic Bank PJSC, a leading sharia compliant bank from the United Arab Emirates, while Mayfair Bank Limited (In Formation) is owned by a diverse group of Kenyan investors with interests in various sectors.

"The entry of these banks on the fulfillment of all the pre-licensing conditions will expand the range of banks’ business models and underscore Kenya’s growing stature as a regional financial services hub," CBK said.

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