Egypt's CIB fully acquires Kenya-based Mayfair CIB

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Cairo – Mayfair CIB became a fully-owned subsidiary of the Commercial International Bank-Egypt (CIB) after the latter acquired the remaining 49% stake in the Kenya-based lender.

In a bourse disclosure, CIB pointed out that the total value of the transaction amounted to $40 million.

Both the Central Bank of Egypt (CBE) and the Central Bank of Kenya (CBK) granted their approvals for the acquisition process.

The EGX-listed lender marked its entry into the Kenyan market in April 2020 with the acquisition of 51% ownership in Mayfair Bank for $35.35 million.

In 2021, Mayfair CIB registered operating income worth KSH 891.45 million ($8.20 million), an annual surge of 64% from KSH 544.95 million ($5.10 million).

The bank shifted to net profits after tax worth KSH 96.10 million ($880,800) during the 12-month period that ended on 31 December 2021, against net losses of KSH 379.30 million ($3.60 million) in 2020.

During the first nine months (9M) of 2022, CIB witnessed consolidated net profits worth EGP 12.19 billion, higher than EGP 9.87 billion in 9M-21.