CIB announced that the Central Bank of Egypt (CBE) and the Central Bank of Kenya (CBK) have granted the bank their consent to acquire the remaining 49% of Mayfair to become its fully owned subsidiary of the Bank. The total transaction value of the deal is $40 million.
CIB had entered the Kenyan market in April 2020 with the acquisition of a 51% stake in Mayfair Bank.
“We are pleased and grateful for this vote of confidence from the Governor and CBK as a whole as we are firm believers in the prospect of the prosperity of the Kenyan economy and look forward to our contribution to the same,” Hussein Abaza, Chief Executive Officer and Managing Director of CIB said.
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