This archive report was first published on 17 June 2020.
On June 17, 2020, the Commercial International Bank (CIB) of Egypt made a significant contribution to the fight against COVID-19 in Kenya by donating US $100,000 to the COVID-19 Emergency Response Fund.
According to Mr. Hisham Ezz Al Arab, Chairman and Managing Director of CIB, the bank aims to stand with the people of Kenya during this difficult time. He emphasized the importance of collective efforts in combating the pandemic, stating, “It is important that we stand with the people of Kenya at this difficult time for all of us.”
Mr. Ezz Al Arab further added, “The task of fighting this pandemic is huge and no single entity can do it alone. My hope is that this contribution will assist the government as it works with the medical services and frontline staff to save lives in Kenya.”
As part of its expansion into the Kenyan market, CIB acquired 51% of the shares of Mayfair Bank Limited (MBL) after receiving approval from the Central Bank of Kenya (CBK) and the Cabinet Secretary of the National Treasury and Planning.
The partnership between CIB and Mayfair Bank is expected to create a world-class institution that caters to the needs of SMEs and large corporates in Kenya and beyond. Speaking about CIB’s entry into the Kenyan banking sector, Mr. Ezz Al Arab said, “We aim to learn from the Kenyan market as it is a developed market for financial inclusion.”
