The Board of Mayfair Bank Limited is pleased to announce that the Central Bank of Kenya (CBK), on 24th April 2020 approved the subscription of a 51% stake in Mayfair Bank Limited by way of a share capital injection of approximately USD 35 million by Commercial International Bank – Egypt (CIB) – World’s Best Bank in the Emerging Markets in 2017 and 2018, effective 1st May 2020.
This share subscription will strengthen the Bank as the injected funds will be added to the Bank’s capital base, and with all existing Shareholders continuing in the institution, the Bank will be well-positioned to accelerate the shareholder’s growth strategy.
The approval by the CBK will pave the way for the commencement of operations as Mayfair CIB Bank Limited. The Mayfair Bank – CIB partnership is expected to benefit customers and broaden trade between Kenya and Egypt.
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The two countries have been exerting strenuous efforts to double the volume of trade exchange between them. In 2018, the volume of trade between Kenya and Egypt was valued at Kes 67 billion (USD 640 million)- https://africa.sis.gov.eg/
Through this partnership, Mayfair Bank will benefit from CIB’s global experience and technical know-how. Mayfair Bank’s local network and reach is expected to set the foundation for building a world-class institution that caters to the needs and evolving expectations of SMEs and large corporates in Kenya and beyond and towards harnessing Intra Africa trade.
CIB was established in 1975 as a joint venture between the National Bank of Egypt and Chase Manhattan Bank. CIB is Egypt’s leading private-sector bank, listed on Cairo Stock Exchange, London Stock Exchange, and traded on the New York Stock Exchange.
With a well-established network of over 200 branches in Egypt, 2 representative offices in Dubai, UAE, and Addis Ababa, Ethiopia, a correspondent banking network of 200+ banks worldwide, in addition to first-rate remote channels and digital solutions, CIB provides individuals, households, high-net-worth clients, small businesses and large corporations with unique financial services.
CIB has been named the World’s Best Bank in the Emerging Markets in 2017 and 2018 by Euromoney and Global Finance, respectively. It has been recognized as the most profitable private sector bank operating in Egypt as well as the Bank of choice for over 500 of Egypt’s largest corporations.
Mayfair Bank Limited
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.
Mayfair Bank Limited was granted a banking license by the CBK on 20th June 2017 and began its operations on 1st August 2017.
About Commercial International Bank – Egypt
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.