Companies Egypt lender to fund trade on Mayfair dealEgypt’s largest private lender Commercial International Bank (CIB) will focus on financing trade between Kenya and the North African country following the acquisition of a controlling stake in Mayfair Bank. FILE PHOTO | NMGEgypt’s largest private lender Commercial International Bank (CIB) will focus on financing trade between Kenya and the North African country following the acquisition of a controlling stake in Mayfair Bank. CIB recently got Central Bank of Kenya approval to acquire 51 per cent stake in tier III lender Mayfair Bank and will inject Sh3.7 billion ($35 million) into firm up operations. Mayfair’s current target has been high net worth individuals and corporates but the Egyptian lender wants to offer requisite skills, resources and infrastructure to scale up the business. It is listed on the Egyptian Stock Exchange, London Stock Exchange and trades over the counter on the New York Stock Exchange.

Source: The North Africa Journal April 27, 2020 18:45 UTC