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Tuesday, January 31, 2023 –Three wealthy Kenyans are set to benefit from the sale of their remaining stakes in Mayfair bank.
Politician Peter Kenneth, Lawyer Ambrose Rachier and city tycoon Amos Gichuki Ngonjo have decided to offload any of their remaining shares in Mayfair Bank to Egypt’s Commercial International Bank CIB.
The trio worth shares $40 million or sh 4.98 billion are listed among the 32 investors who have all agreed to sell their 49 percent shares to the Egyptian CIB.
In April last year, CIB parted with a whopping $35.35 million equal to sh 4.4 billion to secure a 51 percent stake in Mayfair Bank.
Mayfair Bank, a brainchild of Peter Kenneth was founded in the year 2017. Before this it was a mere insurance firm operating as Mayfair Insurance.
Mayfair Bank would then announce its growth into a fully-fledged banking institution that targets large and medium-sized firms and high-net-worth individuals.
Business Daily reported that CIB has now taken full ownership of Mayfair Bank after offering the rerquired funds, skills and infrastructure to turn around the Kenyan lender.
This will ensure the bank recovers from a loss of sh 379.2 million in 2020 to a profit of sh 357.5 million in the nine months to September.
