Egypt’s Commercial International Bank (CIB) opened its first Kenyan branch in Nairobi on Sunday, following its acquisition of Mayfair Bank, according to Egyptian Ambassador in Kenya, Wael Naserddin Attia.
The branch is the first under the bank’s name, and will expand CIB’s presence in the Kenyan banking market, and act as a bridge to reinforce the relations between Egypt and Kenya, Attia stated.
CIB’s entry into the Kenyan market is expected to reduce logistical obstacles facing investors and businessmen from Kenya and Egypt, stimulate trade and mutual investments and create a base to expand to neighboring countries, Attia added.
CIB is the first Egyptian bank to enter the Kenyan market after its acquisition of Kenyan Mayfair Bank in 2020, which was the CIB’s first outside of Egypt.
