Acquisition of 51 percent of Mayfair Bank Limited by Commercial International Bank (Egypt) S.A.E.
The Central Bank of Kenya (CBK) announces the acquisition of 51 percent of the shareholding of Mayfair Bank Limited (MBL) by Commercial International Bank (Egypt) S.A.E (CIB) effective May 1, 2020. This follows CBK’s approval on April 7, 2020 under Section 13 (4) of the Banking Act and approval by the Cabinet Secretary for the National Treasury and Planning on April 8, 2020 pursuant to Section 9 of the Banking Act.
MBL was licensed in June 2017 and commenced operations in August 2017. The bank has five (5) branches in Nairobi, Eldoret and Mombasa. It targets high net worth individuals and the corporate market segment.
It is categorised as a small bank with a market share of 0.17 percent as at February 2020. CIB will provide MBL with the requisite skills, resources and infrastructure to scale up its business.
CIB was licensed by the Central Bank of Egypt on August 13, 1975. It is currently the leading private sector bank in Egypt with a total asset base of approximately USD24.18 billion (Ksh.2.45 trillion). CIB is listed on the Egyptian Stock Exchange, London Stock Exchange and trades over the counter on the New York Stock Exchange. CIB has representative offices in the United Arab Emirates (UAE) and Ethiopia.
CIB’s business model focuses on individuals, Small and Medium Enterprises (SMEs), institutions and corporates. CIB is the first Egyptian bank to establish a presence in Kenya. The acquisition of a majority stake in MBL will anchor CIB’s expansion into the East African region. Its entry will also strengthen the trade and investment ties between Kenya and Egypt.
The acquisition is expected to diversify and strengthen the resilience of the Kenyan banking sector.
Latest updates
Get the latest updates on our news, financial articles, reports and events.
Commercial International Bank (CIB) Kenya Limited Signs KES 750 Million Financing Agreement with Wadi Degla Investment (Kenya) Ltd
CIB Kenya Limited, CIB Egypt’s first subsidiary into East Africa, has successfully refinanced the capital expenditures (CAPEX) of Wadi Degla Investment (Kenya) Ltd; Wadi Degla Clubs Group Company, pertaining to its Runda Branch. Established in 2016, Wadi Degla’s Runda...
Hosting of CIB Kenya Annual Offsite Event for All Staff Members
On September 16, 2023, Commercial International Bank (CIB) Kenya Limited, successfully hosted its annual offsite event for all staff members, under the theme "One CIB” to capitalize on the recent full acquisition of “Mayfair CIB Bank” with the auspicious presence of...
About CIB, The Acquisition And Beyond
Get the latest updates on our news, financial articles, reports and events.We Are Here to Help:Call our contact centreClick to Whatsapp Us.Click to Chat with Us.Get in touchFind a branch or ATM.Follow us on our Social Media© Copyright [footer_date_]....
CIB Journey Into The Kenyan Market
Get the latest updates on our news, financial articles, reports and events.We Are Here to Help:Call our contact centreClick to Whatsapp Us.Click to Chat with Us.Get in touchFind a branch or ATM.Follow us on our Social Media© Copyright [footer_date_]....
Our CSR Activities So Far.
Get the latest updates on our news, financial articles, reports and events.We Are Here to Help:Call our contact centreClick to Whatsapp Us.Click to Chat with Us.Get in touchFind a branch or ATM.Follow us on our Social Media© Copyright [footer_date_]....
Egypt, Kenya Relations
Get the latest updates on our news, financial articles, reports and events.We Are Here to Help:Call our contact centreClick to Whatsapp Us.Click to Chat with Us.Get in touchFind a branch or ATM.Follow us on our Social Media© Copyright [footer_date_]....
CIB -the Link Between Kenyan & Egyptian Import/export Trade
Get the latest updates on our news, financial articles, reports and events.We Are Here to Help:Call our contact centreClick to Whatsapp Us.Click to Chat with Us.Get in touchFind a branch or ATM.Follow us on our Social Media© Copyright [footer_date_]....
Our Unique Strength In The Banking Sector
Get the latest updates on our news, financial articles, reports and events.We Are Here to Help:Call our contact centreClick to Whatsapp Us.Click to Chat with Us.Get in touchFind a branch or ATM.Follow us on our Social Media© Copyright [footer_date_]....
Leveraging On The Digital Advancements In Kenya
Get the latest updates on our news, financial articles, reports and events.We Are Here to Help:Call our contact centreClick to Whatsapp Us.Click to Chat with Us.Get in touchFind a branch or ATM.Follow us on our Social Media© Copyright [footer_date_]....
CIB Egypt Fully Acquires Mayfair CIB Bank Limited Kenya
Get the latest updates on our news, financial articles, reports and events.We Are Here to Help:Call our contact centreClick to Whatsapp Us.Click to Chat with Us.Get in touchFind a branch or ATM.Follow us on our Social Media© Copyright [footer_date_]....
Address & Location
Locate Us
Paybill: 961610
Copyright 2024. All Rights Reserved.
Commercial International Bank (CIB) Kenya Limited is regulated by the Central Bank of Kenya.