Commercial International Bank Egypt (CIB) fully acquires Mayfair CIB in Kenya

Reuters Images/Mohamed Abd El Ghany

Mayfair CIB is now a fully owned subsidiary of the bank

Staff Writer, Arab Finance

January 30, 2023

PHOTO

Commercial International Bank Egypt (CIB) (COMI) has obtained the approvals of the Central Bank of Egypt (CBE) and the Central Bank of Kenya (CBK) to acquire the remaining 49% of Mayfair CIB for $40 million, according to a bourse filing on January 29th.

Mayfair CIB is now a fully owned subsidiary of the bank.

In April 2020, CIB entered the Kenyan market with the takeover of a 51% stake in Mayfair Bank.

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