CIB completes its acquisition of Kenyan Mayfair for $40M

CAIRO - 29 January 2023: The Commercial International Bank (CIB) completed its acquisition of Mayfair Bank after obtaining the necessary approvals from the Central Bank of Egypt (CBE) and the Central Bank of Kenya.

 

This came in a statement sent to the Egyptian Stock Exchange, Sunday.

 

The value of the CIB acquisition of 49 percent in “Mayfair CIB” amounted to about $40 million.

 

CIB acquired 51 percent of Mayfair Bank in April 2020, marking the beginning of the CIBk's entry into the Kenyan market.

 

Chief Executive Officer (CEO) and Managing Director of CIB, Hussein Abaza, said that the acquisition achieves our strategy to be present in Kenya and enhance our contribution to supporting the Kenyan economy.

 

“We are excited to be part of the economic system in Kenya and its future, as Kenya provides many growth opportunities through which we seek to grow and develop the bank to provide the best banking services to customers,” he added.