Arab Finance: The Commercial International Bank Egypt (CIB) has opened its first branch Nairobi, Kenya, the Egyptian Ministry of Foreign Affairs stated on April 9th.
This inauguration came after the CIB completed the acquisition of Mayfair CIB in Kenya back in January.
The bank’s expansion into the Kenyan market aims to bolster bilateral relations between the two countries and control the two-way logistics issues for investors and businessmen, Egyptian Ambassador to Kenya Wael Nasreldin said.
He also added that this expansion would serve in boosting investments and trade between both countries, forming a market base to expand into neighboring countries.
It is worth noting that CIB entered the Kenyan market in April 2020 with the takeover of a 51% stake in Mayfair Bank.
In January, CIB fully acquired Mayfair CIB by buying the remaining 49% of the Kenyan bank for $40 million.