The Central Bank of Kenya has granted Mauritius Commercial Bank Ltd authority to operate a representative office in Kenya.
This bank was founded in 1838 in Port Louis, Mauritius, and has a market capitalization of Sh153.18 billion on the Mauritius stock exchange, representing 22% market share. It has diversified ownership with 24% of the shareholders being foreign investors and 76% local.
Outside Mauritius, Mauritius Commercial Bank has a presence in Madagascar, Maldives, Mozambique, Seychelles, South Africa, France, Reunion and Mayotte.
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,” says a statement by the CBK.
“The Kenyan banking sector has continued to attract increasing interest from the continental, 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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