Egypt’s largest private lender Commercial International Bank (CIB) has pumped USD 35 million into its Kenyan subsidiary Mayfair Bank, which acquired a 51 percent controlling stake.
“This share subscription will strengthen the Bank as the injected funds will be added to the Bank’s Capital base, and with all existing Shareholders continuing in the institution, the Bank will be well-positioned to accelerate the shareholders’ growth strategy,” says Anjay V. Patel, Chairman Mayfair Bank.
Anjay further said the bank will now operate as Mayfair CIB.
Through this partnership, Mayfair Bank will benefit from CIB’s global experience and technical know-how.
Mayfair Bank’s local network and reach is expected to set the foundation for building a world-class institution that caters to the needs and evolving expectations of SMEs and large corporates in Kenya and beyond and towards harnessing intra Africa trade.