Egypt’s CIB Opens a New Branch in Kenya

by nevine

Egypt’s Commercial International Bank (CIB) just entered the Kenyan market by opening its first branch in Nairobi, Kenya, last Sunday, April 9, after successfully acquiring Kenyan “Mayfair” Bank in January.

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

The bank’s entry into the Kenyan market aims to reduce logistical obstacles facing investors and businessmen on both sides, stimulate trade and mutual investments, and create a base to expand to neighboring countries.

At the inauguration ceremony, Wael Nasreddin Attia, Ambassador of Egypt to Kenya, indicated that this new 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 Egypt and Kenya.

 

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