CIB Egypt now awaits CAK’s approval to acquire Mayfair Bank in Kenya
Egypt’s Commercial International Bank (CIB) is now awaiting Competition Authority of Kenya’s approval after the lender made an announcement to acquire Mayfair Bank Limited in Kenya.
According to the Competition Authority of Kenya (CAK), the Egyptian lender has already applied for the stake and is awaiting approval.
“The authority is currently analysing the application,” said Competition Authority of Kenya.
Central Bank of Kenya data indicates that Mayfair Bank is Kenya’s fourth-smallest lender.
It has a market size index of 0.16%. It was licensed in June 2017 and doubled its half-year loss in the six months to June 2019 to 161.4 million shillings ($1.57 million).
The Central Bank of Kenya (CBK) granted Mayfair Bank a license in June 2017 and mainly targets the corporate market segment.
In November, CIB, had announced it was working on acquiring a bank in Kenya. The bank’s board revealed this after they reported a 23 percent rise in net profits in the third quarter of 2019.
CIB is an Egyptian private-sector bank headquartered in Cairo, Egypt. It is ranked in the Forbes Global 2000 listing which represents the largest corporations in the world.