Egypt’s Commercial International Bank Seeks Approval to Acquire Kenya’s Mayfair Bank

Egypt’s Commercial International Bank Seeks Approval to Acquire Kenya’s Mayfair Bank

The Commercial International Bank (CIB), an Egyptian private sector lender has announced plans to acquire a controlling stake in Mayfair Bank Limited in Kenya.

The Competition Authority of Kenya is reviewing the buyout proposal. Details of the transaction are yet to be made public.

“The Authority is currently analysing the application. Upon reaching a determination, the Authority shall publish it pursuant to Section 42 and 46 of the Competition Act No. 12 of 2010.”

Mayfair Bank Limited was granted an operating license by the Central Bank of Kenya (CBK) on June 20th, 2017, to conduct banking business in Kenya. The Bank commenced banking operations on August 1st, 2017. Data from the bank’s website show that it has 14% Corporate Shareholders, 66.69% Corporate Shareholders 66.69%, individual Shareholders have an 8% holding and 33.31% from individual shareholders. 22 local shareholders have a stake.

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Commercial International Bank (CIB) is the leading private sector bank in Egypt, offering a broad range of financial products and services to its customers, which include enterprises of all sizes, institutions, households and high-net-worth individuals.

In 2017 and 2018 it was named ‘World’s Best Emerging Markets Bank’ by Global Finance. The first bank in Egypt and the Middle East to win this prestigious award.
According to its 2019 Business Outlook, CIB is pursuing ‘a business strategy that prioritizes asset quality and profitability’.