Egypt's CIB completes full acquisition of Mayfair Bank
Commercial International Bank (CIB), one of Egypt's largest banks has completed 100pc acquisition of Mayfair CIB Bank.
The Central Bank of Kenya (CBK) said Monday that CIB has acquired the remaining 49pc stake in the bank effective January 31, 2022 after getting approval on January 23 to proceed with the transaction.
"This transaction follows the earlir acquisition by CIB of 51pc shareholding in MBL announced in April 2020. Subsequently, MBL is now a fully owned subsidiary of CIB," said CBK.
MBL currently operates fives branches in Nairobi, Eldoret and Mombasa with a market share of 0.26pc as of December 2022.
CIB with an asset base of Ksh 2.5 trillion is expected to strengthen Kenya's personal, SME and corporate lending market.
"CIB is the first Egyptian Bank to establish a fully owned subsidiary in Kenya. The acquisition will anchor CIB's expansion into East African region. Additionally it will strengthen the trade and investment ties between Kenya and Egypt," said CBK.
This comes as Equity Bank Kenya acquires certain assets and liabilities of Spire Bank Kenya effective January 31, 2022.
This follows approval by CBK on January 23, 2022 and National Treasury on January 24, 2022.
The Kenya Reinsurance Corporation (Kenya Re) has reported a 15pc increase in profit after tax of Ksh 3.6 billion for the full year period to December 2022.