This archive report was first published on 6 November 2019.
On November 6, 2019, Commercial International Bank (CIB), an Egyptian private sector lender, announced plans to acquire a bank in Kenya. The bank's board revealed this after reporting a 23% rise in net profits in the third quarter of 2019.
Although the bank to be acquired was not disclosed, CIB's expansion plans in Africa are well underway. In April 2019, the bank opened its representative office in Ethiopia, marking a significant step in its East African expansion.
According to Mohamed Sultan, CIB's chief operating officer, the bank is keen to enter the East African market, with Kenya being the most attractive destination. In an interview with Euromoney, Sultan stated, 'Our intention had always been to enter Kenya first…… The potential is very high there, and we are trying to capitalize on that to support local Egyptian businessmen involved in regional trade.'
Commercial International Bank (Egypt) S.A.E. is an Egyptian private-sector bank with its corporate headquarters located in Cairo, Egypt. The bank is ranked in the Forbes Global 2000 listing, representing the largest corporations in the world.
