The Central Bank of Kenya (CBK) yesterday announced it was on the final process of licensing two institutions to begin operations as a first step to lifting the moratorium on licensing of new commercial banks which was declared in November 2015.
“Both institutions were granted “approval in principle” by CBK before the moratorium was declared on November 17, 2015. Accordingly, Dubai Islamic Bank Kenya Limited (In Formation) and Mayfair Bank Limited (In Formation) will take the remaining steps to finalise their license applications. 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. Mayfair Bank Limited (In Formation) is owned by a diverse group of Kenyan investors with interests in various sectors.” CBK said in a statement.
“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 added.
Related; Central Bank Kenya to resume licensing of new banks
According to the Standard, 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.
Sources; CBK, Standard Media
