Egypt’s Commercial International Bank (CIB) has opened its first branch in Nairobi, Kenya after acquiring Kenyan “Mayfair” Bank in January. The move is expected to strengthen bilateral relations between the two countries and reduce logistical obstacles for investors and businessmen on both sides. CIB is one of Egypt’s leading private sector banks and the first to enter the Kenyan market.
-
Kenya: Commercial International Bank acquires Mayfair Bank
Commercial International Bank (CIB) of Egypt has acquired a 51% stake in Mayfair Bank in Kenya, its first acquisition outside of Egypt. The acquisition is in line with the bank’s African expansion strategy and the country’s efforts to strengthen ties with African neighbors. CIB CEO Hussein Abaza praised the acquisition and said the bank sees promising opportunities in the Kenyan economy. Mayfair Bank Executive Director Hossam Rajeh said the bank is excited to be a part of Kenya’s economic system and to provide the best banking services.
Categories: Banks