Egypt’s leading private lender Commercial International Bank (CIB) will inject Sh3.7 billion ($35 million) as it acquires a 51 per cent stake in Mayfair Bank. Following the partnership, Mayfair Bank will trade under the name Mayfair CIB Bank Ltd. CIB, which has a total asset base of about Sh2.5 trillion, will be the first Egyptian bank to set up shop in Kenya. Mayfair Bank Chairman Anjay Patel said the partnership is based on the two banks mutually complementing each other through their co-operation. According to Central Bank data, it holds a 0.17 per cent market share. CIB, which is 45 years old, is listed on Egypt’s Stock Exchange, London Stock Exchange and also traded on the New York Stock Exchange.

Source: Standard Digital April 26, 2020 21:00 UTC