CBK Approves Operations of Peter Kenneth-linked Mayfair Bank

A bank associated with Nairobi gubernatorial candidate Peter Kenneth, has been granted a license to conduct banking business in Kenya by the Central Bank of Kenya (CBK).

Mayfair Bank Limited, is headquartered in Nairobi and will principally target the corporate market segment.

In a statement on Friday, CBK announced that the entry of Mayfair Bank Ltd will broaden the choices available to the Kenyan banking public and enhance the competitive environment in the banking sector.

“The licence has been granted pursuant to Section 4 and 5 of the Banking Act (Cap 488) following the fulfilment of the stipulated licensing requirements,” CBK stated.

The bank will launch its presence with an initial network of three branches, two in Nairobi and one in Mombasa.

Kenneth is the founder of Mayfair Group, which owns Mayfair Insurance, one of the major shareholders of Mayfair Bank.

Other shareholders of the bank include businessman Ambrose Rachier, a Nairobi-based lawyer and Masumin Investment Limited.

As of March this year, several limited liability companies had already contributed Sh2 Billion towards the setting up of the bank.

During the same month, requests for licensing of Mayfair Bank Ltd and Dubai Islamic Bank (DIB Bank) were being processed, ending a moratorium put in place by CBK in 2015 on licensing of new commercial banks.

The two banks had received approval in principle before the 2015 suspension on licensing.

Kenneth is set to vie for Nairobi Governorship in the August polls and will go head to head with incumbent Senator Mike Sonko and Governor Evans Kidero among others.