Home » Kenyan banker-turned-politician Peter Kenneth, others to pocket $40 million from Mayfair Bank sale

Kenyan banker-turned-politician Peter Kenneth, others to pocket $40 million from Mayfair Bank sale

by Mfonobong Nsehe
Peter Kenneth

Prominent Kenyan politicians and business leaders, Peter Kenneth, Ambrose Rachier, and Amos Gichuki Ngonjo, are set to receive a substantial financial windfall of Ksh4.98 billion ($40 million) as a result of the sale of a 49-percent stake in Mayfair Bank to Egypt’s Commercial International Bank (CIB).

Previously, CIB held a 51-percent stake in Mayfair Bank and now, with full ownership, the Cairo-based bank looks to expand its reach and strengthen its presence in the region. With the acquisition of the remaining 49-percent stake in Mayfair Bank, CIB solidifies its position as the largest bank in the Egyptian private sector and becomes the sole owner of the Kenyan bank. 

The recent transaction represents a significant milestone for the successful individuals who have successfully navigated the transition from banking to politics and business. This achievement comes three years after the Hussein Majid Abaza-led CIB invested $35.35 million to secure a controlling 51-percent stake in the Peter Kenneth-linked financial services provider.

Mayfair Bank, established in June 2017 by a consortium of prominent investors led by Peter Kenneth, began its operations in Kenya in August of the same year.

With its presence in Nairobi, Eldoret, and Mombasa, the bank has grown to boast five branches, catering exclusively to high-net-worth individuals and the corporate market segment.

The sale of Mayfair Bank to CIB has provided a lucrative opportunity for Kenyan investors, including Kenneth, Rachier, and Ngonjo, to cash in on their investments. Valued at Ksh10.2 billion ($81.9 million), the deal has not only allowed the founding shareholders of Mayfair Bank to make a return on their investment after years of setbacks, but it has also received the support of 32 shareholders and nominee accounts.

On Nov. 23, 2022, these stakeholders, whose ownership ranges from 3.69 to 2.33 percent, entered into a share purchase agreement with CIB. Following the completion of the transaction, Mayfair Bank will now be rebranded as Mayfair CIB after being acquired by the Egyptian lender.

CIB CEO Hussein Abaza expressed his gratitude for the vote of confidence from the Central Bank of Kenya, stating: “We are pleased and grateful for this vote of confidence from the governor and the Central Bank of Kenya as a whole as we are firm believers in the prospects of the Kenyan economy and look forward to our contribution to the same.” 

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