Kenyan billionaire Jayesh Umesh Saini is seeking to expand his business empire into the banking sector through a proposed acquisition of African Banking Corporation (ABC Bank).
According to a report by The Standard, the Competition Authority of Kenya (CAK) has approved the transaction, paving the way for Saini to take control of the lender.
However, the deal is still awaiting approval from the Central Bank of Kenya (CBK), which regulates the banking industry and assesses the suitability of individuals seeking to control financial institutions.
If the transaction receives regulatory clearance, Saini will add banking to his existing investments, which are largely concentrated in the healthcare industry.
Saini is the founder and chairman of Lifecare Group, a healthcare business with interests spanning hospitals, outpatient clinics and pharmaceutical distribution. His father, Dr Umesh Saini, founded Nairobi West Hospital, laying part of the foundation for the family’s involvement in the healthcare industry.
Saini’s business interests include Bliss Healthcare, Lifecare Hospitals, Medicross, Dinlas Pharma and Medical Administrators Kenya Limited (MAKL). Bliss Healthcare operates approximately 65 outpatient clinics across 37 counties in Kenya, while Medicross runs another 22 clinics.
The facilities serve patients in several major towns, including Bungoma, Eldoret, Kikuyu, Migori, Meru and Mlolongo. The group’s operations also extend into Tanzania.
The scale of Saini’s healthcare network has established him as a significant player in Kenya’s private medical services market.
Some of Saini’s businesses have attracted public attention over their involvement in major healthcare programmes and concerns raised about service delivery.
According to a report by Nation, Bliss Healthcare was involved in a Ksh55 billion teachers’ medical insurance scheme during Kenya’s transition from the National Hospital Insurance Fund (NHIF) to the Social Health Authority (SHA).
In May 2025, members of parliament raised concerns about complaints involving Bliss Healthcare, including alleged poor medical services, delays in treatment approvals and the quality of medication.
Separately, Dinlas Pharma attracted attention in 2021 over its involvement in the importation of Russia’s Sputnik V COVID-19 vaccine into Kenya.
These developments have placed some of Saini’s business interests under public scrutiny as his investment portfolio continues to expand.
The proposed ABC Bank acquisition is not Saini’s first investment outside the medical industry. In 2016, Business Daily reported that he was among five investors behind a proposed Sh5.52 billion skyscraper in Nairobi’s Upper Hill business district.
The planned 35-storey development was expected to feature luxury apartments, office space, a shopping mall and a hotel. The proposed banking deal would mark another step in diversifying his investments, this time into financial services.
Rather than establishing a bank from the ground up, acquiring an existing lender would give Saini an opportunity to enter an established market with an existing customer base, branch network and range of financial products, subject to regulatory approval.
ABC Bank traces its origins to 1984, when it began operating as Consolidated Finance Company before transitioning into a commercial bank in the 1990s.
The lender offers a range of services, including personal and business banking, loans, investment products and insurance services. It operates at least 10 branches in towns including Nairobi, Mombasa, Kisumu, Nakuru, Eldoret and Meru, serving more than 55,000 customers.
The bank’s assets are estimated at approximately Sh50 billion, equivalent to about $385 million.
An acquisition would give Saini access to an established financial institution, potentially providing a platform for expanding his business interests into lending, deposits and other banking services.
The final outcome, however, depends on the remaining regulatory process and the terms of the proposed transaction. If approved, the acquisition would place Saini among a group of prominent Kenyan investors who have expanded their business interests into commercial banking.
One example is the late businessman Chris Kirubi, whose investment company, Centum, acquired a 67.54 per cent controlling stake in K-Rep Bank in 2014.
The lender was subsequently renamed Sidian Bank, becoming part of Centum’s wider investment portfolio. The Kenyatta family has also maintained interests in the banking industry alongside investments in sectors such as dairy, education, hospitality and media.
The family was among the leading shareholders in Commercial Bank of Africa (CBA), which merged with NIC Bank in September 2019 to form NCBA Group.
