Egypt’s largest private lender Commercial International Bank (CIB) has obtained the approvals of the Central Bank of Egypt (CBE) and the Central Bank of Kenya (CBK) to acquire the remaining 49% of Mayfair CIB for $40 million.
Through the acquisition, CIB is the first lender with a base in Egypt to join the Kenyan market.
In April 2020, CIB acquired a 51 per cent stake in Mayfair Bank, which began operations in 2017.
The transaction was a component of CIB’s plan to grow in East Africa while expanding business and economic ties between Egypt and Kenya.
“Kenya offers great opportunities, and we are excited to be part of the country’s business life and future. We will grow this bank as we continue to provide a first-class service to all our clients,” Mayfair CIB executive director Hossam Rageh said.