The past 12 months have been a busy period for Egyptian banks expanding into new African markets. In January, Commercial International Bank (CIB), the country’s largest private sector bank, took full control of Kenya’s Mayfair CIB Bank (MCIB) after acquiring the remaining 51% stake – it originally bought 49% in 2020, marking the completion of CIB’s first cross-border acquisition. “First, CIB's expansion strategy in Africa, and particularly east Africa, is designed to build a bridge for Egyptian customers so that they can benefit from regional integration efforts across the continent. Part of CIB's strength comes from its corporate and SME trade finance capabilities, which together, with a comprehensive set of banking services, creates a strong proposition. “CIB is looking to position itself as a trade finance hub for Egypt and east Africa, focusing on corporates and SMEs, “ says Abaza.

Source: The North Africa Journal August 13, 2023 17:11 UTC