Kenya: Egyptian bank acquires 51% stake in specialist lender Mayfair

Egpyt's Commercial International Bank (CIB) has acquired a 51% stake in Kenyan lender Mayfair Bank.

Mayfair was licensed in June 2017 and commenced operations in August 2017. The bank has five branches in Nairobi, Eldoret and Mombasa. It targets high-net-worth individuals and the corporate market segment. It is categorised as a small bank with a market share of 0.17% as at February 2020. CIB is expected to provide Mayfair with the requisite skills, resources and infrastructure to scale up its business.

CIB is currently the leading private sector bank in Egypt with a total asset base of approximately $24.18 billion. CIB is listed on the Egyptian Stock Exchange, the London Stock Exchange and trades over the counter on the New York Stock Exchange. CIB has representative offices in the United Arab Emirates and Ethiopia.

CIB is the first Egyptian bank to establish a presence in Kenya. The acquisition of a majority stake in Mayfair will anchor CIB's expansion into the East African region.

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