This archive report was first published on 3 December 2019.
Commercial International Bank (CIB), an Egyptian private sector lender, has announced plans to acquire a stake in Mayfair Bank Limited in Kenya, pending approval from the Competition Authority of Kenya.
According to the Central Bank of Kenya data, Mayfair Bank is Kenya's fourth-smallest lender, with 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).
Commercial International Bank (Egypt) is an Egyptian private-sector bank with its corporate headquarters located in Cairo, Egypt. The company is also ranked in the Forbes Global 2000 listing, representing the largest corporations in the world.
Mayfair Bank, granted a licence by the Central Bank of Kenya in June 2017, mainly targets the corporate market segment.
As reported by Bloomberg, the acquisition is awaiting approval from the Competition Authority of Kenya, with CIB having already applied for the stake.
