Cairo – Mubasher: The Commercial International Bank - Egypt (CIB) announced the acquisition of 51% of what is to be renamed as Mayfair CIB Bank Limited.

The total value of the deal amounted to $35.35 million which will be used for capital increase, according to a statement to the Egyptian Exchange (EGX) on Sunday.

All necessary approvals from the Central Bank of Egypt (CBE) and the Central Bank of Kenya have been obtained, the statement showed.

Established in 2017, Mayfair Bank has total assets of KES 9.07 billion as of 31 March.

For the full-year 2019, CIB logged net profits of EGP 11.8 billion, up from EGP 9.58 billion in 2018, including minority shareholders’ rights.