The Commercial International Bank (CIB), an Egyptian private sector lender has announced its working on acquiring a bank in Kenya. The bank’s board revealed this after they reported a 23% rise in net profits in the third quarter of 2019.
However, they did not disclose the very bank to be acquired. They also did not specify the amount of stake they will acquire in the said Kenyan bank.
According to the disclosure, the bank is currently waiting on the necessary approvals before moving ahead with the acquisition.
In April this year, CIB actualised its expansion plans in Africa by opening its representative office in Ethiopia.
The bank’s chief operating officer Mohamed Sultan in an interview with Euromoney earlier this year said they were keen to enter the East African market and Kenya is the most attractive.
“Our intention had always been to enter Kenya first…… The potential is very high there, and we are trying to capitalize on that to support local Egyptian businessmen involved in regional trade.”
Commercial International Bank (Egypt) S.A.E. is an Egyptian private-sector bank. The company corporate headquarters are located in Cairo, Egypt. The company is ranked in the Forbes Global 2000 listing which represents the largest corporations in the world.