Monday, April 27, 2020

Egyptian Commercial International Bank Acquires Mayfair Bank in Kenya

    April 27, 2020   No comments

Central Bank of Kenya

Commercial International Bank (CIB) of Egypt has bought 51 percent shareholding of Mayfair Bank in Kenya.

Central Bank of Kenya (CBK) approved the acquisition on 7 April 2020. Effective 1st May 2020, CIB will officially take control of Mayfair Bank Limited (MBL) a tier 3 lender.

CIB is the largest private sector bank in Egypt with strong interest in individuals, small and medium enterprises institutions and corporates.

Mayfair licensed by the CBK in 2017 is a bank highly interested in high net worth individuals and the corporate market segment.

All the Mayfair Bank branches in Nairobi, Mombasa and Eldoret will be under CIB. The Egyptian CIB will provide MBL with the necessary skills, resources and infrastructure to scale up its business.


Mwabaya Katana

About Mwabaya Katana

Mwabaya is an experienced and talented finance content creator based in Kenya. He is the Founder of Loans Kenya Blog.

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