EGYPT ACQUIRES KENYAN MAYFAIR BANK

EGYPT ACQUIRES KENYAN MAYFAIR BANK

By Patrick Mwaura

CIB injects USD 35 million into

Mayfair Bank to operate as Mayfair CIB Bank

Limited effective 1st May 2020.

Partnership is expected to benefit customers

broaden trade between Kenya and Egypt.

As Board of Mayfair Bank Limited announced

that the Central Bank of Kenya (CBK), on 24th

April 2020 approved the subscription of a 51%

stake in Mayfair Bank Limited by way of a

share capital injection of approximately USD 35

million by Commercial International Bank –

Egypt (CIB) – World’s Best Bank in the

Emerging Markets in 2017 and 2018, effective

1st May 2020.

This share subscription will strengthen the

Bank as the injected funds will be added to the

Bank’s Capital base, and with all existing

Shareholders continuing in the institution, the

Bank will be well positioned to accelerate the

shareholders growth strategy.

Approval by the CBK will pave way for

commencement of operations as Mayfair CIB

Bank Limited. The Mayfair Bank – CIB

partnership is expected to benefit customers

and broaden trade between Kenya and Egypt.

The two countries have been exerting strenuous

efforts to double the volume of trade exchange

between them. In 2018, the volume of trade

between Kenya and Egypt was valued at Kes 67

billion (USD 640 million)

Through the partnership, Mayfair Bank will

benefit from CIB’s global experience and

technical know-how. Mayfair Bank’s local

network and reach is expected to set the

foundation for building a world class institution

that caters to the needs and evolving

expectations of SMEs and large corporates

Kenya and beyond and towards harnessing

intra Africa trade.

CIB was established in 1975 as a joint venture

between National Bank of Egypt and Chase

Manhattan Bank. CIB is Egypt’s leading private-

sector bank, listed on Cairo Stock Exchange,

London Stock Exchange and traded on the New

York Stock Exchange.

With a well-established network of over 200

branches in Egypt, 2 representative offices in

Dubai, UAE, and Addis Ababa, Ethiopia, a

correspondent banking network of 200+ banks

world-wide, in addition to first-rate remote

channels and digital solutions, CIB provides

individuals, households, high-net-worth clients,

small businesses and large corporations with

unique financial services.

CIB has been named the World’s Best Bank in

the Emerging Markets in 2017 and 2018 by

Euromoney and Global Finance, respectively. It

has been recognized as the most profitable

private sector bank operating in Egypt as well

as the Bank of choice for over 500 of Egypt’s

largest corporations.

Mayfair Bank Limited is a Kenyan banking

institution, serving small and medium

enterprises, large corporate clients and high net

worth individuals. The Bank was started in

2017 by a group of Kenyan investors.

Mayfair Bank Limited was granted a banking

licence by the CBK on 20th June 2017 and

began its operations on 1st August 2017.

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.