Commercial International Bank (CIB), which is Egypt’s largest lender, has been allowed to acquire a controlling stake in Mayfair Bank.
On Friday, Central Bank of Kenya (CBK) announced that it had given CIB the mandate to acquire a 51% stake in the tier 111 banking as from 1st May. According to CBK, this will bring diversification to the Kenyan lending industry.
“The acquisition of a majority stake in Mayfair will anchor CIB’s into the East African region. Its entry will also strengthen the trade and investment ties between Kenya and Egypt,” a statement from CBK.
CBK also added that the Egyptian lender would bring in the required skills, infrastructure, and resources to improve Mayfair business, whose goal has been on high net worth clients and corporates.
Examples of other banks that have been transacted for the last seven years are Giro commercial, Fidelity, Fina Bank, Oriental Commercial, Imperial Bank, Transnational, Chase BANK, and National Bank of Kenya.
According to CBK data, Mayfair is the fourth-smallest bank in the country with a market size index of 0.17 as of February 2020.
Politician and businessman Peter Kenneth is among Mayfair’s shareholders.
CIB is currently the top private bank in Egypt, with properties worth Sh 2.45 trillion ($24.18 billion).