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Tuesday, 3 December 2019

Kenya’s regulators reviewing CIB bid to acquire a stake in Kenyan lower-tier bank

M&A WATCH- Kenya’s regulators reviewing CIB bid to acquire stake in Kenyan bank: CIB’s application to acquire an undisclosed stake in Kenya’s Mayfair Bank Ltd. is currently being “analyzed” by the Competition Authority of Kenya, Bloomberg reports. Mayfair is that country’s fourth-smallest lender, the business information service says. CIB had disclosed its plans to acquire a stake in a then-unnamed bank in Kenya last month and had said at the time it was waiting on the necessary approvals before moving ahead with the acquisition. If CIB receives regulatory approval in Kenya and in Egypt, it would be the first Egyptian bank to take its business to Kenya, the news information service notes.

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