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CBK grants authority to Mauritius Commercial Bank to open a representative office in Kenya

Representative Offices of foreign banks only serve as marketing and liaison offices for their foreign parent banks and affiliates and are not permitted to undertake banking business. (PIX: Courtesy)

The Central Bank of Kenya (CBK) has granted authority to the Mauritius Commercial Bank to open a Representative Office in Kenya. The authority was granted pursuant to Section 43 of the Banking Act.

Representative Offices of foreign banks only serve as marketing and liaison offices for their foreign parent banks and affiliates and are not permitted to undertake banking business. In this regard, the Mauritius Commercial Bank through its Representative Office in Kenya aims at exploring potential business opportunities in the country. The office will also support the growing trade and investment flows between Kenya and Mauritius.

Mauritius Commercial Bank Ltd was founded on 1stSeptember 1838 in Port Louis, Mauritius. The bank is licensed and supervised by the Bank of Mauritius under the Mauritius Banking laws. As at 30th June 2014, MCB’s market capitalization was approximately US$ 1.7bn, equivalent to KES 153.18bn on the Mauritius stock exchange, representing 22pc market share.

As at the same date, MCB Ltd had a diversified ownership with 24pc of the shareholders being foreign investors and 76pc local investors.

Outside Mauritius, Mauritius Commercial Bank has a presence in Madagascar, Maldives, Mozambique, Seychelles, South Africa, France, Reunion and Mayotte.

The Kenyan banking sector has continued to attract increasing interest from Continental Africa, regional and global banking brands aiming to exploit business opportunities in the East African Community. The entry of foreign players will promote competition and diversify the current offerings of financial services.

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