Commercial International Bank Now Owns 100% Mayfair
KEY POINTS
Mayfair started operations in Kenya in 2017 and has five branches in Nairobi, Eldoret, and Mombasa. It is categorized as a "small bank" with a market share of 0.26 percent.
Commercial Internation Bank started operations in 1975 in Egypt. It is currently the leading private sector bank in Egypt with a total asset base of 2.5 trillion shillings.
Commercial International Bank from Egypt has been given a go-ahead by the Central Bank of Kenya to acquire the remaining 49 percent of shares from Mayfair Bank Limited. The acquisition, according to the Central Bank, takes effect from January 31, 2023.
With the acquisition, the Commercial International Bank now owns 100 percent of Mayfair Bank after it acquired 51 percent of the shares in 2020.
Mayfair started operations in Kenya in 2017 and has five branches in Nairobi, Eldoret, and Mombasa. It is categorized as a “small bank” with a market share of 0.26 percent.
Commercial International Bank, on the other hand, started operations in 1975 in Egypt. It is currently the leading private sector bank in Egypt with a total asset base of 2.5 trillion shillings.
Here is the statement from the Central Bank of Kenya:
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