On 1 May 2020, Commercial International Bank (CIB) completed the acquisition of a 51 percent majority stake in Mayfair Bank Limited, marking a significant milestone in the Kenyan banking sector.
According to the Central Bank of Kenya, CIB's entry into the country through this transaction is expected to diversify and strengthen the resilience of the banking sector, with services targeting small and medium enterprises, institutions, and corporate sectors.
The acquisition was approved by the Central Bank on 7 April 2020, under Section 13 (4) of the Banking Act, and subsequently by the Cabinet Secretary for the National Treasury and Planning on 8 April 2020, pursuant to Section 9 of the Banking Act.
With a business model focused on individuals, small and medium enterprises, institutions, and corporates, CIB's expansion into the East African region is expected to anchor its growth.
The acquisition will also strengthen trade and investment ties between Kenya and Egypt, where CIB is the leading private sector bank with a total asset base of Ksh 2.45 trillion.
Founded in 1975, CIB is listed on the Egyptian Stock Exchange, London Stock Exchange, and trades over the counter on the New York Stock Exchange. It has representative offices in the United Arab Emirates and Ethiopia.
Mayfair Bank Limited, licensed in June 2017, has five branches in Nairobi, Eldoret, and Mombasa, targeting high net worth individuals and the corporate market segment.
