CIB eyes expansion into Kenya
CIB eyes expansion into Kenya: CIB intends to enter the Kenyan market when it finds the right opportunity as part of its strategy for expansion in east Africa, our friend Mohamed Sultan told Euromoney. Sultan, chief operating officer at the bank, cited the bns of USD that flow in annual trade between Egypt and Kenya, as well as Kenya’s role as a major regional trade hub as driving CIB’s interest in the country. The bank has not yet finalized an acquisition, he said. Sultan’s comments come a week after the bank’s announcement that it has established a representative office in Ethiopia. CIB has also identified Tanzania and Uganda as being potential markets for expansion.
Broader growth in east Africa: The bank is not alone in targeting east African countries: Banque Misr and Beltone Financial have also expressed interest in developing their operations further down the African coast. EFG Hermes entered Kenya through acquisition in 2018.