CIB hopes to expand in the East African market through the deal. Photo by James Wiseman on Unsplash.

Commercial International Bank (CIB) has secured approval from the Central Bank of Egypt (CBE) and the Central Bank of Kenya (CBK) to acquire the remaining 49% stake in Mayfair CIB.

The deal, valued at $40m, will see Mayfair CIB, a Kenya-based lender, become a wholly-owned subsidiary of CBE, which is based in Egypt. 

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

In April 2020, CIB acquired a 51% stake in Mayfair Bank, which began operations in 2017.

Through the acquisition, CIB became the first Egypt-based lender to enter the Kenyan market.

The deal was part of CIB’s strategy to expand into the East African region while bolstering trade and investment relations between Kenya and Egypt.

CIB is engaged in catering to individuals, small and medium enterprises (SMEs), institutions and corporates.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

CIB CEO and managing director Hussein Abaza said: “We are pleased and grateful for this vote of confidence from the Governor and CBK as a whole as we are firm believers in the prospect of prosperity of the Kenyan economy and look forward to our contribution to the same.”

Mayfair CIB executive director Hossam Rageh said: “Kenya offers great opportunities, and we are excited to be part of the country’s business life and future. We will grow this bank as we continue to provide a first-class service to all our clients.”

According to CIB, the Kenyan lender reported a significant turnaround in its financial performance last year. 

Mayfair CIB’s operating income rose 64% to KSH891.45m ($8.2m) in 2021 from KSH544.95m ($5.1m) in 2020.

Meanwhile, profits after tax reached KSH96.1m ($880,800) as opposed to a net loss of KSH379.3m ($3.6m) in 2020.