Egypt’s Commercial International Bank (CIB), the country’s largest private lender, plans to acquire one of Kenya’s lower-tier banks in the latest tie-up to be announced in the East African nation, reported Bloomberg.
According to the Competition Authority of Kenya, CIB has applied for a portion of Mayfair Bank, following four other banking tie-ups in the nation this year.
“The authority is currently analysing the application,” said Competition Authority of Kenya.
Mayfair is Kenya’s fourth-smallest lender with a market size index of 0.16 per cent. The bank was licenced in June 2017 and doubled its half-year loss in the six months to June 2019 to KSH 161.4 million ($1.57 million). If approved, CIB will become the first Egyptian bank to set up shop in Kenya.
Earlier this year, NIC Group merged with Commercial Bank of Africa, while KCB Group’s bought National Bank of Kenya. Additionally, Equity Group Holdings agreed to give Atlas Mara some shareholding in exchange for four African operations, while Access Bank, Nigeria’s biggest lender, also received the greenlight last month to acquire Transnational Bank.