Egypt's CIB Acquires Kenya's Mayfair Bank

Egypt's Commercial International Bank (CIB) acquired a majority stake of 51% in the Kenyan Mayfair Bank.

The Central Bank of Kenya announced that the CIB bought a 51% stake in the Kenyan Mayfair Bank in the latest series of deals witnessed by the banking sector in the east African country.

CIB is the first Egyptian bank to enter the Kenyan market, boosting trade and investment relations between the two African nations.

Mayfair Bank, which started operations in August 2017, controls only 0.2% of the Kenyan market and is expected to take advantage of the funds, skills and banking infrastructure of CIB to boost its growth.

The Kenya Central Bank affirmed that the CIB, one of the leading banks in the private sector in Egypt, has assets amounting to $ 24.18 billion.

Earlier last year, Competition Authority of Kenya said that CIB was considering buying a controlling stake in Mayfair.