Mayfair Bank

Mayfair CIB Bank Limited, is a commercial bank in Kenya. It is licensed by the Central Bank of Kenya, the country's central bank and national banking regulator.[2][3]

For other uses, see Mayfair (disambiguation).

Mayfair CIB Bank Limited
TypePrivate
IndustryFinancial services
Founded20 June 2017 (2017-06-20)
Headquarters
Mezzanine Floor, KAM House, Mwanzi Road, Westlands, Nairobi
,
Kenya
Products
RevenueAftertax:KSh365.88 million (US$3.46 million) (2019)[1]
Total assetsKSh8.65 billion (US$82 million) (2019)[1]
Websitewww.mayfaircib.com

Location

The headquarters and main branch of the bank are located on the Mezzanine Floor at KAM House, along Mwanzi Road, in Westlands, Nairobi.[4] The geographical location of the bank's headquarters are:01°15'28.0"S, 36°48'08.5"E (Latitude:-1.257778; Longitude:36.802361).[5]

Overview

Mayfair CIB Bank is a retail banking institution, serving small to medium enterprises, large corporate clients and individuals. The bank was started in 2017, as a greenfield investment, by 31 Kenyan investors.[6] As of December 2019, the bank's total assets were valued at KSh8.65 billion (US$82 million), with shareholders' equity of KSh1.040 billion (US$10 million).[1]

History

Mayfair CIB Bank was granted a banking licence by the CBK on 20 June 2017[7] and began its operations on 1 August 2017.[8][9]

In December 2019, Commercial International Bank, based in Egypt began the process of seeking regulatory approval in Egypt and Kenya, to acquire a controlling interest in Mayfair Bank.[10]

Shareholding

As of June 2017, the bank was locally owned by 31 shareholders, thirteen of them corporate and eighteen individuals. At that time, the ownership of the bank's stock, is as illustrated in the table below:[11]

In April 2020, Commercial International Bank of Egypt bought 51 percent shareholding in Mayfair bank for a consideration of US$35 million. The shareholding in the bank changed as illustrated in the table below.[12]

Shareholding In Mayfair CIB Bank
Rank Name of Owner % Ownership Before Acquisition % Ownership After Acquisition
1Commercial International Bank0.0051.00[12]
2Peter Kenneth[6]
3Masumin Investments Limited[6]
4Ambrose Rachier[6]
516 Other Kenyan Individuals[11]
612 Other Kenyan Corporations[11]
Total100.00100.00

Branches

As of December 2019, Mayfair CIB Bank maintained five networked branches at the following locations:[1]

  1. Westlands Branch: Ground Floor, KAM House, Mwanzi Road (Opposite Westgate Mall), Westlands, Nairobi.Main Branch
  2. Upper Hill Branch: Ground Floor, Mayfair Centre, Ralph Bunche Road, Upper Hill, Nairobi.
  3. Industrial Area Branch: Hi-Tech Granite Industries Building, Enterprise Road, Nairobi.
  4. Mombasa Branch: Ground Floor, Krish Plaza, Links Road (Adjacent to Links Plaza), Mkomani, Nyali, Mombasa.
  5. Eldoret Branch: Second Floor, Rupa's Mall, Malaba Road, Eldoret.

Governance

Mayfair CIB Bank is governed by a ten-person Board of Directors with Anjay Patel serving as the Chairman and Raminder Bir Singh as the CEO.[13]

Acquisition

On the 3rd of December 2019, it was announced that one of Egypt’s top banks, Commercial International Bank (CIB) wanted to acquire Mayfair Bank.[14] In April 2020, after receiving regulatory and shareholder approval from Nairobi and Cairo, CIB paid US$35 million in exchange for 51 percent shareholding in Mayfair Bank. The bank is in the process of rebranding to Mayfair CIB Bank Kenya Limited.[12]

See also

References
  1. Mayfair Bank (March 2020). "Audited Financial Statements For The Year Ended 31 December 2019" (PDF). Nairobi: Mayfair Bank Kenya. Retrieved 19 May 2020.
  2. Central Bank of Kenya (31 May 2017). "Directory of Licenced Commercial Banks, Mortgage Finance Institutions And Non-Operating Holding Companies" (PDF). Nairobi: Central Bank of Kenya. Retrieved 5 September 2015.
  3. Standard Reporter (23 June 2017). "New bank in Kenya as CBK grants Mayfair licence". The Standard (Kenya). Nairobi. Retrieved 5 September 2018.
  4. Mayfair Bank (19 May 2020). "Mayfair Bank Kenya: Contact Us". Nairobi: Mayfair Bank. Retrieved 19 May 2020.
  5. Google (19 May 2020). "Location of the headquarters of Mayfair Bank, Westlands, Nairobi, Kenya" (Map). Google Maps. Google. Retrieved 19 May 2020.
  6. Moses Michira (15 March 2017). "Peter Kenneth plans new bank in Kenya". The Standard (Kenya). Nairobi. Retrieved 19 May 2020.
  7. Central Bank of Kenya (23 June 2017). "Press Release: Mayfair Bank Limited" (PDF). Nairobi: Central Bank of Kenya. Retrieved 5 September 2018.
  8. Mayfair Bank Limited (5 September 2018). "History of Mayfair Bank Limited". Nairobi: Mayfair Bank Limited. Retrieved 5 September 2018.
  9. Ngunjiri, James (23 June 2017). "CBK approves licence for Peter Kenneth-linked Mayfair Bank". Business Daily Africa. Nairobi. Retrieved 17 August 2017.
  10. Otiato Guguyu (3 December 2019). "Egypt's top lender seeks approval to buy Mayfair Bank". Business Daily Africa. Nairobi. Retrieved 3 December 2019.
  11. Mayfair Bank Limited (5 September 2018). "Mayfair Bank Shareholders". Nairobi: Mayfair Bank Limited. Retrieved 5 September 2018.
  12. Gerald Andae (27 April 2020). "Egypt Lender Buys Mayfair Bank Stake for KSh3.7 Billion". Business Daily Africa. Nairobi. Retrieved 19 May 2020.
  13. Mayfair Bank Limited (5 September 2018). "The Board of Directors of Mayfair Bank Limited". Nairobi: Mayfair Bank Limited. Retrieved 5 September 2018.
  14. Otiato Guguyu (3 December 2019). "Egypt's top lender seeks approval to buy Mayfair Bank". Business Daily Africa. Nairobi. Retrieved 19 May 2020.

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