The Commercial International Bank (CIB) has announced it is acquiring 51% of Kenya’s Bank Mayfair, after obtaining all necessary regulatory authority approvals. This includes gaining the necessary approvals from the central banks in Egypt and Kenya.
The deal is worth a total of $35.35m, which will be used to increase the new Mayfair CIB Bank’s capital.
Hisham Ezz Al Arab, Chairman and Managing Director of the CIB – Egypt, said that the bank’s strategy to expand in Africa is based on confidence in the continent’s promise and opportunities.
Ezz Al Arab said that the recent acquisition in Kenya represents the bank’s first outside Egypt, and reflects a commitment to increasing trade across the continent. He added that this partnership is part of an exchange of experiences between the two markets.
Anjay Patel, Chairperson of Bank Mayfair, said the partnership is based on the the two banks mutually complementing each other through their cooperation. He added that the CIB will add extensive experience to Mayfair’s deep local market experience.
Hussein Abaza, CEO of CIB, said that they look forward to achieving returns for all shareholders and customers through the Mayfair – CIB partnership.
“Our goal is to consolidate trade exchange between Egypt and Kenya and the neighbouring countries on the one hand and facilitate the presence of Egyptian companies in Kenya on the other hand while contributing to the growth of Kenyan companies,” he stressed.
The acquisition is complementary to CIB’s expansion plans in Africa, where it is looking to explore and evaluate the available investment opportunities across the continent. CIB is also looking to take advantage of regional and continental integration efforts and support intra-regional trade. Both Egypt and Kenya are members of the Common Market for Eastern and Southern Africa (COMESA) and the African Continental Free Trade Agreement.
Mayfair Bank, established in 2017, is a Kenyan bank serving the full gamut of the business sector from large to small businesses, as well as high net worth customers.
CIB was established in 1975 and is the largest private bank in Egypt, with over 6,900 employees. It offers a full package of banking products and services to its customers, including individuals, large corporations and companies of all sizes. CIB has over 200 branches across Egypt, along with a highly efficient set of digital solutions and online banking platforms.
