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Monday, 30 January 2023

CIB and Kenya’s Mayfair Bank are now one

CIB now owns all of Kenya’s Mayfair: EGX mainstay CIB will acquire 49% of Mayfair CIB for USD 40 mn, giving it full ownership of the Kenyan bank, CIB said in a statement yesterday. Mayfair CIB has a focus on corporate and trade finance. The Egyptian and Kenyan central banks have approved the transaction, paving the way for Mayfair to become a fully-owned subsidiary of CIB, it said. The acquisition will close on 31 January, Asharq Business reported Friday, citing the Central Bank of Kenya.

Mayfair became Mayfair CIB in 2020: The Egyptian lender acquired 51% of Mayfair in April 2020 for USD 35.4 mn. CIB said that it would look to scale the lender, which at the time was Kenya’s fourth-smallest bank with only five branches.

A turnaround: Mayfair CIB has rebounded following a post-tax loss in 2020 due to the covid-19 pandemic, and last year reported positive net income of KSH 96.1 mn (USD 880.8k). Operating income jumped 64% y-o-y to KSH 891.5 mn (USD 8.2 mn) in 2021, according to the CIB statement.

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