The Commercial International Bank (Egypt) S.A.E. (CIB) has acquired an additional 49 percent of the shareholding of Mayfair CIB Bank Limited (MBL).
This follows the Central Bank of Kenya’s (CBK) approval on January 23, 2023, under Section 13(4) of the Banking Act and approval by the Cabinet Secretary for the National Treasury on January 24, 2023, pursuant to Section 9(1) of the Banking Act.
The acquisition which takes effect on January 31, 2023, follows the earlier acquisition by CIB of 51 percent shareholding in MBL announced in April 2020, now bringing MBL under the total control of CIB.
“CBK welcomes this transaction that will diversify and strengthen the resilience of the Kenyan banking sector,” said the regulator in a statement Monday.
MBL was licensed in June 2017 and commenced operations in August 2017. The bank has five branches in Nairobi, Eldoret and Mombasa and targets high net worth individuals and corporate market segment.
It is categorised as a small bank with a market share of 0.26 percent as at December 2022.
CIB is the first Egyptian bank to establish a fully owned banking subsidiary in Kenya.
The acquisition will anchor CIB’s expansion into the East African region. Additionally, it will strengthen the trade and investment ties between Kenya and Egypt.
CIB’s business model mainly focuses on individuals, Small and Medium Enterprises (SMEs) institutions and corporates.
