International Finance

CIB to become first Egyptian bank in Kenya with Mayfair acquisition

CIB Mayfair Bank
CIB hasidentified Tanzania and Uganda as potential markets for its Africa expansion

Commercial International Bank (CIB) is planning to purchase Mayfair Bank, according to media reports. Commercial International Bank is Egypt’s largest private lender. Mayfair Bank is Kenya’s fourth smallest lender with a market size index of 0.16 percent, based on central bank data. 

CIB has applied to purchase a portion of Mayfair Bank, according to the Competition Authority of Kenya (CAK). The country has seen four other tie-ups this year. 

Currently, the authority is examining the application. If approved, CIB will become the first Egyptian Bank to establish in Kenya. Already, CIB has established a presentative office in Ethiopia. It has identified Tanzania and Uganda as potential markets for its Africa expansion. 

“The Authority has received an application in respect to the proposed acquisition of a controlling interest in Mayfair Bank Limited by Commercial International Bank (Egypt). The authority is currently analysing the application. Upon reaching a determination, the authority shall publish it pursuant to Section 42 and 46 of the Competition Act No. 12 of 2010,” the CAK told the local media. 

This year, NIC Group merged with CIB. Also, Kenya Central Bank acquired National Bank of Kenya, while Equity Group agreed to give Atlas Mara a part of its shareholding in exchange of four African operations. Last month, Access Bank received an approval to acquire Transnational Bank. 

Mayfair Bank received its banking licence in 2017. The bank has doubled its half-year loss in a span of six months to June 2019 to $1.57 million. Politician Peter Kenneth is among the 25 shareholders of Mayfair Bank, the local media reported. 

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