CIB Egypt fully acquires Mayfair Bank in Kenya for $40mln

Egypt’s largest private bank, the Commercial International Bank (CIB-Egypt) has acquired the remaining 49 percent stake in Kenya’s Mayfair Bank for $40 million, according to a statement released on Sunday.

CIB-Egypt is now fully owning Mayfair Bank following the approval of both central banks of Egypt and Kenya, the statement mentioned.

CIB has been present in the Kenyan market since April 2020 through its acquisition of a 51 percent stake in Mayfair Bank.

This step came with CIB’s strategy for presence in Kenya and his belief in the promising opportunities for the Kenyan economy, its CEO Hussein Abaza said.

“Kenya provides many growth opportunities through which we seek to grow and develop the bank to provide the best banking services to customers,” said Hussam Rajeh, CEO of Mayfair Bank.

Mayfair Bank’s operating income has increased by 64 percent to record $8.2 million in 2021, compered to a net loss of $3.6 million in 2020.

Noteworthy, CIB is listed on the Egyptian Stock Exchange (EGX), London Stock Exchange (LSE), and trades over the counter on the New York Stock Exchange (NYSE).