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CIB Kenya

Commercial International Bank (CIB) Kenya Limited is a commercial bank in Kenya. It is licensed by the Central Bank of Kenya, the country's central bank and national banking regulator.[1][2]

Location

The headquarters and main branch of the bank are located on the Mezzanine Floor at KAM House, along Mwanzi Road, in Westlands, Nairobi.[3]

Overview

CIB Kenya is a retail banking institution, serving small to medium enterprises, large corporate clients and individuals. The bank was started in 2017, as a greenfield investment, by 31 Kenyan investors.[4] As of December 2019, the bank's total assets were valued at KSh8.65 billion (US$82 million), with shareholders' equity of KSh1.040 billion (US$10 million).[5]

History

CIB Kenya was granted a banking licence by the CBK on 20 June 2017[6] and began its operations on 1 August 2017.[7][8]

In December 2019, Commercial International Bank, based in Egypt began the process of seeking regulatory approval in Egypt and Kenya, to acquire a controlling interest in Mayfair Bank.[9]

Acquisition

On 3 December 2019, it was announced that one of Egypt's top banks, Commercial International Bank (CIB) wanted to acquire Mayfair Bank.[10] In April 2020, after receiving regulatory and shareholder approval from Nairobi and Cairo, CIB paid US$35 million in exchange for 51 percent shareholding in Mayfair Bank. In January 2023, CIB Egypt fully acquired the bank by buying the remaining 49% shares. The bank has since rebranded from Mayfair CIB Bank Kenya Limited to CIB Kenya.

Shareholding

As of June 2017, the bank was locally owned by 31 shareholders, thirteen of them corporate and eighteen individuals.[11]

In April 2020, Commercial International Bank of Egypt bought 51 percent shareholding in Mayfair bank for a consideration of US$35 million. The shareholding in the bank changed as illustrated in the table below.[12]

Branches

  • 1) CIB Kenya Headquarters - Kamhouse, 14 Mwanzi Rd, Nairobi, Nairobi
  • 2) Mayfair Center - MAYFAIR Center, Ground Floor, Ralph Bunch Road, Nairobi
  • 3) Nyali Branch - KRISH Plaza, Ground Floor, Links Road, Mombasa
  • 4) Industrial Area Branch - Hi-Tech Granite Industries Building, Enterprise Road, Industrial Area, Nairobi
  • 5) Eldoret Branch - Rupa's Mall, Second Floor, Malaba Road, Eldoret
  • 6) New Upper Hill Branch - Old Mutual Towers, Ground Floor, Upperhill Road, Nairobi
  • 7) Mombasa Nkurumah Road Branch Oriental Building, ground floor, Mombasa CBD, Nkurumah Road, Mombasa

See also

External links

References

  1. Central Bank of Kenya. Directory of Licenced Commercial Banks, Mortgage Finance Institutions And Non-Operating Holding Companies Central Bank of Kenya, 31 May 2017, retrieved 5 September 2015^
  2. Standard Reporter. New bank in Kenya as CBK grants Mayfair licence The Standard (Kenya), 23 June 2017, retrieved 5 September 2018^
  3. Mayfair Bank. Mayfair Bank Kenya: Contact Us Mayfair Bank, 19 May 2020, retrieved 19 May 2020^
  4. Moses Michira. Peter Kenneth plans new bank in Kenya The Standard (Kenya), 15 March 2017, retrieved 19 May 2020^
  5. CIB Kenya Website. Audited Financial Statements For The Year Ended 31 December 2019 CIB Kenya Limited, March 2020^
  6. Central Bank of Kenya. Press Release: Mayfair Bank Limited Central Bank of Kenya, 23 June 2017, retrieved 5 September 2018^
  7. Mayfair Bank Limited. History of Mayfair Bank Limited Mayfair Bank Limited, 5 September 2018, retrieved 5 September 2018^
  8. James Ngunjiri. CBK approves licence for Peter Kenneth-linked Mayfair Bank Business Daily Africa, 23 June 2017, retrieved 17 August 2017^
  9. Otiato Guguyu. Egypt’s top lender seeks approval to buy Mayfair Bank Business Daily Africa, 3 December 2019, retrieved 3 December 2019^
  10. Otiato Guguyu. Egypt’s top lender seeks approval to buy Mayfair Bank Business Daily Africa, 3 December 2019, retrieved 19 May 2020^
  11. Mayfair Bank Limited. Mayfair Bank Shareholders Mayfair Bank Limited, 5 September 2018, retrieved 5 September 2018^
  12. Gerald Andae. Egypt Lender Buys Mayfair Bank Stake for KSh3.7 Billion Business Daily Africa, 27 April 2020, retrieved 19 May 2020^