Mayfair Bank Limited, a financial institution associated with Nairobi gubernatorial candidate Peter Kenneth, has been granted a licence to conduct banking business in Kenya by Central Bank of Kenya (CBK).
CBK is a statement has said 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 said on Friday.
The bank is headquartered in Nairobi and 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.
In March this year, CBK started processing the requests for licensing of Mayfair Bank Ltd and Dubai Islamic Bank (DIB Bank), ending a moratorium it put in place in 2015 on licensing new commercial banks.
The two banks had received approval in principle before the 2015 suspension of licensing.
The CBK had given no reason for its action when it suspended the licensing of new banks, but the moratorium came after it had placed privately-owned Imperial Bank under receivership in October 2015.