Commercial International Bank (CIB) said Sunday that it has acquired the 49% stake it did not own in Mayfair CIB for $40 million giving Egypt’s largest private bank full ownership of the Kenyan bank.
CIB entered the Kenyan market in April 2020 with the acquisition of a 51% stake in Mayfair Bank, offering funds, skills and infrastructure to accelerate the tiny lender’s growth at a time when it accounted for only 0.2% of the East African country’s banking market.
“Kenya offers great opportunities, and we are excited to be part of the country’s business life and future. We will grow this bank as we continue to provide a first-class service to all our clients,” Hossam Rageh, Executive Director at Mayfair CIB.
CIB received regulatory approval from the Central Bank of Egypt and the Central Bank of Kenya to acquire the remaining 49% of Mayfair CIB.
Mayfair CIB successfully weathered the economic impact to report a 64% increase in operating income to $8.2 million in 2021 from $5.1 million a year earlier while profits after tax soared to $880,800 compared to a net loss of $ 3.6 million in 2020.