CIB injects USD 35 million into Kenya’s Mayfair bank

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 shareholders growth strategy.

The approval by the CBK will pave way for 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.

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).

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 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 world-wide, 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.