Cairo – Mubasher: The Commercial International Bank – Egypt (CIB) plans to acquire a controlling stake in one of Kenya’s smallest banks, Reuters reported on Thursday, citing the Competition Authority of Kenya.
The Kenyan regulator said that it currently mulls the Egyptian bank’s request to purchase a controlling stake in Mayfair Bank, without disclosing the expected time to reach a decision.
No additional information was announced.
It is noteworthy that during the first nine months of 2019, the lender logged a net profit of EGP 8.537 billion, compared to EGP 7.019 billion in the corresponding period of 2018, including minority shareholders’ rights.
CIB’s capital stands at EGP 14.58 billion, distributed over 1.45 billion shares, at a nominal value of EGP 10 apiece.