CIB buys 51% stake in Mayfair Bank for US$35million (Kenya)

The Egyptian based Commercial International Bank (CIB) has acquired 51% of Mayfair Bank for US$35-million after obtaining regulatory approval in Kenya. Mayfair Bank is a Kenyan private bank established in 2017 after obtaining its operating license. The Bank was founded by a group of prominent business people in Kenya and targets high net worth individuals as well as corporate and medium-sized enterprises while offering a broad array of digital and mobile banking products. It has a network of 5 branches (3 branches in Nairobi and 1 in Mombasa and Eldoret). Mayfair Bank has a total asset base of US$81-million, equity of US$9.7million and revenue of US$5.7million in the 2019 financial year.

CIB is the largest private bank in Egypt which offers a full package of banking products and services to its  customers, including individuals, large corporations and companies of all sizes. CIB has over 200 branches across Egypt, over 6,900 employees and more than 1.4 million customers. The Bank has a total asset base of US$24-billion, equity of US$3-billion and revenue of US$1.4billion in the 2019 financial year.

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