A limb of the Commercial International Bank in Egypt Owns Plurality Investment in Small Kenyan Lender
By Abdul Rahman Bangura –
NEW AFRICA BUSINESS NEWS ( NABN ) Freetown, Sierra Leone- A department of the Commercial International Bank (CIB) Egypt – the lender has earned majority stake in Mayfair Bank. The Commercial International Bank of Egypt (CIB) has finalized the 51% obtainment of Tier III lender Mayfair Bank – the Central Bank of Kenya (CBK) verified on Friday, April 24th, 2020.
The Central Bank of Kenya has authorized the agreement enabling the London Stock Exchange (LSE) listed lender to assume 51% shareholding on May 1, 2020.
The Egyptian Bank which controls assets worth USD24.18 billion (Ksh2.45 trillion) will be the first lender from its nation to set up presence in the country. Mayfair Bank virtually regulates investments worth Ksh8.2 billion and administers five sectors in Nairobi, Eldoret and Mombasa. The small lender’s customer comprises of High Net Worth individuals and corporates.
According to CBK, the small lender boasts of 0.17% market share and will be instrumental in the Egyptian Bank’s plans to grow its presence in the country and the East African region.
The agenda is for CIB to give the essential aids needed to scale up Mayfair’s undertakings and develop it unhurriedly from a small lender to a medium one with the impression that, it can thrive into a huge lender in the long term.
CIB is listed in the Egyptian Stock Exchange, the London Stock Exchange and trades over the counter at the New York Stock Exchange (NYSE). Its business model kneels towards Small and Medium Enterprises (SMEs), institutions, and corporates.
CBK Governor – Dr. Patrick Njoroge has been supporting for small and medium Kenyan banks to merge in order to achieve stability, the latest deal he says will adjust and bolster the solidity of the Kenyan banking sector.
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