The Commercial International Bank (CIB), the leading private sector bank in Egypt, has announced the acquisition of Mayfair Bank in Kenya, headquartered in Nairobi, after acquiring a 51% stake last April, to be followed by acquisition of the remainder at the bank’s first acquisition outside Egypt.
Commenting on the deal, Hussein Abaza, CEO and Managing Director of CIB-Egypt, said: “We are happy and grateful for this acquisition and trust from the Governor of the Central Bank of Kenya, because we firmly believe in the importance of the Kenyan economy and the promising opportunities for the bank, in implementation of the bank’s strategy to expand in the African continent.”
Hossam Rajeh, Executive Director of Mayfair CIB, praised the promising opportunities in the Kenyan economy, and said: “We are excited to be part of the economic system in Kenya and its future, and we will seek to grow and develop the bank to provide the best banking services to our customers.”
The CIB’s entry into the Kenyan market in April 2020 was through the acquisition of a 51% stake in Mayfair Bank, and the deal is the bank’s first acquisition in the African continent, which is in line with the bank’s African expansion strategy, and with the state’s efforts to strengthen Egypt’s relations with its African neighbours. Increasing intra-African trade, it is also seen as a window for mutual exchange of knowledge and education.
