The Central Bank of Kenya (CBK) announces the acquisition of 51percent of the shareholding of Mayfair Bank Limited(MBL)by Commercial International Bank (Egypt) S.A.E(CIB) effective May 1, 2020. This follows CBK’s approval on April 7, 2020under Section 13 (4) of the Banking Act and approval by the Cabinet Secretary forthe National Treasury and Planning on April 8,2020 pursuant toSection9 of the Banking Act. MBLwas licensed in June 2017 and commenced operations in August 2017. The bank has five (5) branches in Nairobi, Eldoret and Mombasa. It targets high net worth individuals and the corporate market segment.It is categorised as a small bank with a market share of 0.17 percent as at February 2020.CIB will provide MBL with the requisite skills, resources and infrastructure to scale up its business.CIBwas licensedby the Central Bank of Egypt on August 13, 1975. It is currently the leading private sector bank in Egypt with a total asset base of approximately USD24.18billion (Ksh.2.45trillion). CIB is listed on the Egyptian Stock Exchange, LondonStock Exchange and trades over the counter onthe New York Stock Exchange.CIB has representative offices in theUnited Arab Emirates (UAE) andEthiopia.CIB’s business model focuses on individuals, Small and Medium Enterprises (SMEs),institutions and corporates. CIB is the first Egyptian bank to establish a presence in Kenya. The acquisition ofa majority stake inMBL will anchor CIB’sexpansion into the East African region. Its entry will also strengthen the trade and investment ties between Kenya and Egypt. The acquisition is expected to diversify and strengthen the resilience of the Kenyan banking sector. CENTRAL BANK OF KENYAApril 24, 2020