Peter Kenneth plans new bank in Kenya
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.
CBK also approved the establishment of a Kenyan subsidiary of Dubai Islamic Bank which has been eyeing the lucrative Kenyan market for years. Mayfair and DIB are the first lenders to be approved ending a 15-month moratorium issued by CBK boss Patrick Njoroge. "CBK announces its intention to finalise the processing of license applications for two institutions that had already been granted an "approval in principle", as a first step to lifting the moratorium on licensing of new commercial banks," the banking regulator said in a statement on Monday.
SEE ALSO :Peter Kenneth’s mother dies in NairobiCBK's approval means that the two institutions- DIB Bank Kenya Limited and Mayfair Bank Limited- both in formation will take the remaining steps to finalize their license applications. Both had been granted approval by principle by CBK before the November 17, 2015 freeze.
Approval by principle means that CBK had given the two a partial endorsement on condition that they meet the set conditions for operating in Kenyan market. The moratorium had only spared discussions on planned mergers and acquisitions by local or foreign banks. Since then, I&M bank has successfully acquired Giro bank. DIB Bank Kenya Limited (in formation) is a wholly owned subsidiary of the Dubai Islamic Bank PJSC, a 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. If successful, the move will see the number of banks hit 45 from the current 43, amplifying the talk by most analysts that with a population of about 44 million people, Kenya is overbanked.
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