CIB Egypt fully acquires Nairobi-based Mayfair CIB after Kenya's central bank approval

Commercial International Bank-Egypt (CIB) has got an approval from the Central Bank of Kenya to acquire the remaining 49 % of Nairobi-based bank MAYFAIR-CIB to become a fully owned subsidiary of the Bank, for a total transaction value of USD 40 million, according to Bloomberg Al Sharq and CIB’s recently published press release

The Central Bank has approved the acquisition by the Commercial International Bank of 49% of the shares of Mayfair CIB Bank, and the deal will be applied on January 31, according to what Bloomberg quoted from a report issued by the Central Bank of Kenya.

The Commercial International Bank had acquired 51% of Kenyan Mayfair in April 2020, in a deal with $35.35 million, and the name of the bank was changed after the acquisition to “Mayfair CIB,” according to the bank’s statement.

Commenting on the transaction, Mr. Hussein Abaza, Chief Executive Officer and Managing Director of CIB said: “We are pleased and grateful for this vote of confidence from the Governor and CBK as a whole as we are firm believers in the prospect of prosperity of the Kenyan economy and look forward to our contribution to the same.”

Mayfair CIB successfully weathered the global economic challenges posed by the COVID-19 to report a strong turn around in figures last year. Operating income increased 64% to record KSH 891.45mn (USD 8.2mn) in 2021, up from KSH 544.95mn (USD 5.1mn) in 2020 and profitsafter tax came in at KSH 96.1mn (USD 880.8K) compared to a net loss of KSH 379.3mn (USD 3.6mn) in 2020.

In addition, Hossam Rageh, Executive Director at Mayfair CIB noted: “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.”