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CBK grants license to Peter Kenneth linked Mayfair Bank

NAIROBI, Kenya, Jun 23 – The Central Bank of Kenya has issued a banking license to Mayfair Limited, paving the way to a lifting of a license freeze the regulator had declared in November 2015.

Mayfair, which is owned by Kenyan investors including Nairobi Gubernatorial candidate Peter Kenneth, is the second applicant to get a license post the moratorium after Dubai Islamic Bank Kenya was granted an approval in principle.

Central Bank says the licensing of the two banks will expand the range of bank’s business models and underscores Kenya’s growing stature as a regional financial services hub.

At the same time, the regulator has released a tentative timeline leading to a resolution of Imperial Bank Limited (In Receivership).

The resolution follows the granting by the High Court of a 90-day extension of the receivership over Imperial Bank on June 19, 2017.

The 48-week plan will start with an invite for Expression of Interest (EOI) from potential strategic investors with shortlisted investors given access to the crucial and confidential data room that was at the heart of the Bank’s collapse.

The regulator has committed that the EOI will be evaluated and a shortlist of qualifying investors determined in a fair process.

To achieve a fair process, CBK says that they will use appropriate and objective criteria based on, inter alia, regulatory imperatives, and prudential guidelines.

The regulator hopes that this process will not only ensure the speedy recovery for depositors, creditors and other stakeholders of the Bank, but also be mindful of seeking to preserve and develop a sound and innovative banking system in Kenya.

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