One of Mauritius biggest banks has opened an office in Nairobi to explore business opportunities in the country. Kenya’s banking regulator, the Central Bank (CBK) of Kenya has granted authority to the 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. In this regard, the Mauritius Commercial Bank aims at exploring potential business opportunities in the country,” read a statement from the regulator.
CBK added that the office would also support the growing trade and investment flows between Kenya and Mauritius. Mauritius Commercial Bank was founded on September 1, 1838 in Port Louis, Mauritius. As at June 30, 2014, its market capitalization was approximately USD 1.7 billion (Kshs 153.18 billion) on the Mauritius stock exchange, representing 22% market share, according to CBK.
Besides Kenya, 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,” CBK said.
