EGYPT BOOST KENYA COVID-19 KITTY

EGYPT BOOST KENYA COVID-19 KITTY

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.