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Reuters
Egypt
Commercial International Bank in Egypt has announced the successful completion of the 51% acquisition of the Kenyan Bank Mayfair, which was established in 2017.
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According to the Egyptian newspaper “Al-Mal”, the acquisition step is a complement to the bank’s expansion plans in Africa through which the bank seeks to explore and evaluate the investment opportunities available on the African continent in light of the Membership of Egypt and Kenya in the Common Market for Eastern and Southern Africa (COMESA) and the African Continental Free Trade Agreement.
The total value of the agreement is $ 35.35 million, which will be used to increase the capital of Mayfair CIB Bank.
Commenting on the acquisition, Hisham Ezz El-Arab, President and CEO of Commercial International Bank – Egypt, said: “The bank’s strategy to expand on the African continent is based on our confidence that our continent offers promising opportunities for increase”.
He stressed that Kenya represents the bank’s first acquisition outside Egypt, and this step reflects our commitment to increase trade between African countries and some of them. This association is one of the ways to exchange experiences between the two markets and we look forward to the prospects for cooperation that this association will have.
Source: money
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