Former Gatanga MP Peter Kenneth
Former Gatanga MP Peter Kenneth
Mayfair Bank Limited(MBL) that belongs to Former Gatanga MP Peter Kenneth sells the bank to an Egyptian bank, Commercial International Bank(CIB) which has headquarters in Cairo.

The move that has seen MBL selling over 51 per cent of its shares to the Egyptian bank.  MBL has 5 branches spread across Nairobi, Eldoret and Mombasa.

"The Central Bank of Kenya (CBK) announces the acquisition of 51 per cent of the shareholding of Mayfair Bank Limited (MBL) by Commercial International Bank (Egypt) S.A.E (CIB) effective May 1, 2020," the statement read in part.

MBL was licenced in June 2017, ending a 15-month interim issued by CBK Governor Patrick Njoroge and started its operations in August the same year.

MBL is classified as a small bank with 0.17 per cent market share as of February 2020, however, targeting high net worth persons and corporate institutions.

"CIB will provide MBL with requisite skills, resources and infrastructure to scale up its business," CBK informed in the statement.

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