REG - Commercial Int Bank - CIB fully acquires Mayfair CIB

Commercial International Bank Egypt CIBAnnouncement

27/01/2023 18:00

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RNS Number : 1674O  Commercial Intnl Bank (Egypt) SAE  27 January 2023

 

 

 

CAIRO - January 27(th), 2023

RELEASE

CIB is pleased to announce 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 CIB to become a fully owned subsidiary of the Bank.

CIB entered the Kenyan market in April 2020 with the acquisition of a 51%
stake in Mayfair Bank.

Commenting on the transaction, Mr. Hussein Abaza, Chief Executive Officer and
Managing Director of CIB said: "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 prosperity of the Kenyan economy and look forward to our
contribution to the same."

Mayfair CIB successfully weathered the global economic challenges posed by the
COVID-19 to report a strong turn around in figures last year. Operating income
increased 64% to record KSH 891.45mn (USD 8.2mn) in 2021, up from KSH 544.95mn
(USD 5.1mn) in 2020 and profits after tax came in at KSH 96.1mn (USD 880.8K)
compared to a net loss of KSH 379.3mn (USD 3.6mn) in 2020.

Mr. Hossam Rageh, Executive Director at Mayfair CIB noted: "Kenya offers great
opportunities, and we are excited to be part of the country's business life
and future. We will grow this bank as we continue to provide a first-class
service to all our clients."

END OF RELEASE

 

 

Nelly El Zeneiny

Investor Relations Senior Officer

 

 

About CIB

CIB is the leading private-sector bank in Egypt, offering a broad range of
financial products and services to its customers, which include more than five
hundred of Egypt's largest corporations, enterprises, institutions, and
households.

 

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