The Commercial International Bank (CIB), Egypt’s largest private-sector bank, continues to expand its presence in Africa through a long-term strategy aimed at increasing Egyptian activity in the continent’s financial and business markets. This step follows the bank’s acquisition of all shares of Mayfair Bank Kenya in January 2023, making the Kenyan bank fully owned under the name CIB Kenya. Banking analysts view this move as a reflection of the bank’s commitment to enhancing Egyptian economic cooperation with African countries, aligning with the state’s policies to boost trade and investment with the continent.
Details of the Acquisition of Mayfair Bank Kenya
CIB obtained approval from both the Central Bank of Egypt and the Central Bank of Kenya to acquire the remaining 49% stake in Mayfair Bank, making it fully owned by CIB, with a total deal value of $40 million USD. The bank initially entered the Kenyan market in April 2020 by acquiring a 51% stake in Mayfair Bank.
This move is part of CIB’s strategy to expand in Kenya, given the promising opportunities offered by Kenya’s economy, the largest in East Africa. The strategy of CIB Kenya focuses on trade finance activities and digital banking solutions, with special attention to developing the trade corridor between Egypt and Kenya. Through this strategy, the bank aims to empower Egyptian companies of all sizes to conduct business efficiently in Central and East Africa and to support intra-African trade between Egypt and other African countries.
Opening the First Branch in Nairobi
CIB opened its first branch in Nairobi, the first to bear the bank’s name following the completion of the Mayfair Bank acquisition, in the presence of Wael Nasr Eldin Attia, former Egyptian Ambassador to Kenya, highlighting the economic and diplomatic significance of this move.
CIB’s Position in Egypt
CIB is one of the most profitable banks in Egypt for over 40 years. It serves more than 500 major companies operating in Egypt and offers a comprehensive range of financial solutions for individuals and small to medium enterprises, helping it attract new clients and maintain its leading position in the Egyptian banking sector.
Forbes Middle East ranked CIB among the Top 100 Companies in the Middle East for 2023, recognizing the significant achievements of the bank under the leadership of the prominent Egyptian banker Hisham Ezz Al-Arab. Forbes reported that CIB achieved a market value of $5.2 billion, with sales of $2.1 billion, net profits of $523 million, and total assets of $20.6 billion.
History and Growth of CIB
Founded in 1975 as a joint project between National Bank of Egypt and Chase Manhattan Bank, CIB now employs 7,700 staff members and serves approximately 2.4 million clients through 200 branches across Egypt.
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