Egypt acquires an African bank

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Egypt acquires an African bank

Reuters

Egypt

Commercial International Bank in Egypt has announced the successful completion of the acquisition of 51% of the Kenyan Bank Mayfair, which was established in 2017.

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According to the Egyptian newspaper “Al-Mal”, the acquisition step is a complement to the bank’s expansion plans in Africa through which the bank seeks to explore and evaluate available investment opportunities in the African continent in light of Egypt and Kenya’s membership in the Common Market for Eastern and Southern Africa (COMESA) and the African Continental Free Trade Agreement.

The total value of the deal is $ 35.35 million, which will be used to increase the capital of Mayfair CIB Bank.

Commenting on the acquisition, Hisham Ezz El-Arab, Chairman and Managing Director of Commercial International Bank – Egypt, said: “The bank’s strategy to expand in the African continent is based on our confidence in what our continent offers promising growth opportunities.”

He stressed that Kenya represents the first acquisition of the bank outside Egypt, and this step reflects our commitment to increasing trade between African countries and some of them. This partnership is one of the ways to exchange experiences between the two markets and we look forward to the cooperation prospects that this partnership will bear.

Source: money





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