Commercial International Bank acquires the controlling stake of Mayfair Bank

KENYA – Commercial International Bank (CIB), Egypt’s largest private lender, has received regulatory nod to acquire a controlling stake in Mayfair Bank, deepening acquisitions in the local banking sector.  The Central Bank of Kenya (CBK) announced that it had given the greenlight to CIB to acquire a 51 percent stake in the tier III lender effective May 1, saying the deal will diversify and add resilience to Kenyan banking sector.  “The acquisition of a majority stake in Mayfair will anchor CIB’s expansion into the East African region. Its entry will also…

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