By Patrick Mwaura
Commercial International Bank (CIB) of Egypt
has joined the fight against the Covid-19
pandemic in Kenya and is making US $100,000
donation to the Kenya Covid-19 Emergency
Response Fund.
CIB is responding to the government of Kenya’s
appeal to individuals and corporate entities to
help counter the spread, effects and impact of
the deadly virus. The fund was launched by His
Excellency President Uhuru Kenyatta on 30th
March 2020.
Mr. Hisham Ezz Al-Arab, Chairman and
Managing Director of CIB said: “It is important
that we stand with the people of Kenya at this
difficult time for all of us.” He added: “The task
of fighting this pandemic is huge and no single
entity can do it alone. My hope is that this
contribution will assist the government as it
works with the medical services and frontline
staff to save lives in Kenya.”
The Central Bank of Kenya (CBK) announced
the acquisition of 51 per cent of the shares of
Mayfair Bank Limited (MBL) by CIB. The central
bank’s approval was followed by that of the
Cabinet Secretary of the National Treasury and
Planning.
Building on the global experience and technical
know-how of CIB and Mayfair Bank’s local
network and reach, the combination will set the
foundation for building a world class institution
that caters to the needs and evolving
expectations of SMEs and large corporates in
Kenya and beyond. The partnership is the next
trajectory of growth for Mayfair Bank.
Speaking about CIB’s entry into the Kenyan
banking sector, Mr. Ezz Al-Arab said: We aim to
learn from the Kenyan market as it is a
developed market for financial inclusion.”
Established in 1975, Commercial International
Bank (CIB) is Egypt’s leading private-sector
bank. Each of CIB’s 6,900 employees is
dedicated to achieving the bank’s mission: To
transform traditional financial services into
simple and accessible solutions by investing in
people, data and digitalization, to serve
tomorrow’s needs today. With a well-
established network of over 200 branches, first-
rate remote channels, and digital solutions, CIB
provides individuals, households, high-net-worth
individuals, large corporations, or small
businesses with exceptional, 24/7 services.
CIB has consistently been recognized as the
most profitable bank operating in Egypt and the
bank of choice for over 500 of Egypt’s largest
corporations. CIB was named the World’s Best
Bank in Emerging Markets by Global Finance in
2018, one year after it was awarded the same
title by Euromoney. CIB is also the first
institution in the Middle East to be the subject
of a business case study as part of the London
Business School’s curriculum for graduate
students.
In 2019, Bloomberg included CIB in its “Gender
Equality Index”, making it the first company in
Egypt and Africa to be listed on the index, which
includes 230 companies from 36 countries
representing 10 sectors.
Leave a Comment
You must be logged in to post a comment.