Commercial International Bank (CIB) Egypt has announced the full acquisition of Mayfair CIB Bank Limited in Kenya. The Central Bank of Kenya (CBK) has granted consent to CIB of Egypt to purchase the remaining 49% shares of Mayfair CIB Bank Limited. CIB initially entered the Kenyan market in April 2020 with the acquisition of 51% stake in Mayfair Bank Limited.
“We are grateful for the vote of confidence from the Central Bank of Kenya and its Governor, Dr. Patrick Njoroge,” said Mr. Hussein Abaza, CEO and Managing Director of CIB Egypt. Despite the COVID-19 pandemic and its impact on the Kenyan economy, Mayfair CIB Bank reported a strong turnaround in 2021 with a 64% increase in operating income and profits after tax of KSH 96.1 M, compared to a net loss in 2020.
With 5 branches in Nairobi as well as a presence in Eldoret and Mombasa, Mayfair Bank enjoys a market share of 0.17 per cent, targeting a niche market composed of high net worth individuals and corporates.
Licensed in 1975, CIB Bank is considered a leading lender in Egypt with a balance sheet size of more than US$ 25 billion and listed on the Egyptian Stock Exchange, London Stock Exchange and trades over the counter at the New York Stock Exchange.
The acquisition is effective on January 31st, 2023, and will be implemented as per the CBK approval dated January 25th, 2023.