July 24th 2017

Business / News

CBK grants licence to Mayfair Bank Ltd to operate banking business in Kenya

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.

By Free Press Reporternewsdesk@kenyafreepress.comSaturday, 24 Jun 2017 14:26 EAT

The Central Bank of Kenya (CBK) has granted a licence to Mayfair Bank Limited to conduct banking business in Kenya. The licence has been granted pursuant to Sections 4 and 5 of the Banking Act (Cap 488) following the fulfilment of the stipulated licensing requirements.

Established by a group of local investors and headquartered in Nairobi, 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).

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.

Mr 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.

Mr Ambrose Rachier, also the chairman of Gor Mahia Football Club, is listed among the 25 shareholders forming the lender.

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