Egypt’s CIB enters Kenyan market with new branch opening

Aya Salah , Sunday 9 Apr 2023

Egypt’s Commercial International Bank (CIB) has opened its first branch in Nairobi, Kenya on Sunday, following its successful acquisition of Kenyan “Mayfair” Bank in January.

CIB
Commercial International Bank (CIB). Al-Ahram

 

The branch, which is the first in the bank’s name, will expand CIB’s presence in the Kenyan banking market and provide a new bridge to strengthen bilateral relations between the two countries, said Ambassador of Egypt to Kenya Wael Nasreddin Attia during the inauguration ceremony.

CIB’s entry into the Kenyan market is expected to reduce logistical obstacles facing investors and businessmen on both sides, stimulate trade and mutual investments, and create a base to expand to neighbouring countries.

With assets of $24.18 billion, CIB is one of Egypt’s leading private sector banks and the first Egyptian bank to venture into the Kenyan market. The acquisition of Mayfair Bank in Kenya in April 2020 marked CIB’s first acquisition outside Egypt.

 

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