Last checked at 27 Apr 2020 07:00
RELEASE
CAIRO AND NAIROBI - April 26th, 2020
Based on both banks' Board of Directors' approval, and after obtaining all necessary approvals including the Central Bank of Egypt and the Central Bank of Kenya, CIB would like to announce that the bank has acquired 51% of what is to be renamed as Mayfair CIB Bank Limited in Kenya in the form of a capital increase, for a total transaction value of USD 35.35 million.
The move comes in line with CIB's mandate to explore and assess opportunities in Africa, building a bridge for Egyptian customers to benefit from regional integration efforts across the continent and benefiting from the prospects available from being Common Market for Eastern and Southern Africa (COMESA) members and the recent African Continental Free Trade Agreement (ACFTA).
Commenting on the transaction, Hisham Ezz Al-Arab, CIB's Chairman and Managing Director, said, "Our African expansion strategy acknowledges the opportunities that our continent holds. Kenya, marking our first cross-border operation, reflects our commitment to promote intra-African integration and business growth and this partnership is viewed as a window to mutually exchange market know-how and learnings. We look forward to the prospects that this partnership will unravel."
"Our partnership with CIB is founded on the synergies that we see in both our entities coming together. CIB will be bringing its technical expertise, experienced know-how, and vast correspondent banking network, whilst Mayfair Bank, via its existing shareholders, will avail the local knowledge and navigation, which are vital elements to success.", Anjay Patel, Chairman of Mayfair CIB Bank Limited said.
Hussein Abaza, CIB's CEO and Board Member further commented that, "We look forward to realizing value to our stakeholders through Mayfair CIB Bank Limited. Our aim is to widen the trade corridor between Egypt, Kenya and its neighboring countries on the one hand and facilitate the presence of Egyptian and international corporations with interest in Kenya on the other, whilst contributing to the growth of Kenyan corporates and SMEs."
END OF RELEASE.
Nelly El Zeneiny
Investor Relations Officer
About CIB:
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.
For further information about CIB products and services, please visit www.cibeg.com.
About Mayfair Bank:
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. As of 31st March 2020, the Bank's total assets were valued at KES 9.07 billion.
Mayfair Bank Limited was granted a banking license by the CBK on 20th June 2017 and began its operations on 1st August 2017.