The Central Bank of Kenya has announced the acquisition of Mayfair Bank Limited by Commercial International Bank (CIB), a leading lender in Egypt. This follows the CBK’s approval of the transaction, for an undisclosed sum, on April 7, 2020 as well as the National Treasury.
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.
CIB is expected to provide Mayfair Bank with the requisite financial muscle and expertise to improve its business fortunes.
Licensed in 1975, CIB is considered a leading lender in Egypt with a balance sheet size of US$ 24.18 billion( KSh 2.45 trillion) and listed on the Egyptian Stock Exchange, London Stock Exchange and trades over the counter at the New York Stock Exchange.
It has representative offices in United Arab Emirates(UAE) and Ethiopia. CIB focuses on individuals, small business, institutions and corporates. CIB becomes the first bank to set up in Kenya and intends to use its presence to make forays into the East Africa region.