In line with CIB's mandate to explore and assess opportunities in Africa and build a bridge for Egyptian customers to benefit from regional integration efforts across the continent, CIB acquired 51% of the Kenyan Mayfair Bank Limited, now known as Mayfair CIB Bank Limited. In a total transaction value of USD 35.35 million in the form of a capital increase, CIB finalized its first cross-border operation in May 2020, reflecting the Bank's commitment to promote intra-African integration and business growth. The Bank was established in 2017 by a group of Kenyan investors ad services small and medium enterprises, large corporate clients and high net worth individuals.
Mayfair CIB Bank Limited
Representative Offices
Dubai Representative Office
CIB launched its UAE operations in 2005, allowing for a direct presence in the GCC region to offer a full range of products to retail and corporate clients. The Dubai Representative Office offers its existing and new customer base consultation regarding the Egyptian market thanks to CIB’s strong business foothold and track record. The office focuses on attracting and channeling inbound investments and cementing relationships with reputable GCC corporations with investment or planned investments in Egypt and Africa, in addition to targeting high-net-worth individuals and business banking clients with an appetite for the Egyptian market. The office creates a bridge between the GCC market and the Egyptian market to provide growing opportunities for the Bank, while extending its business portfolio and plays a key role in building and maintaining relationships with large corporate clients and financial institutions in the GCC to boost the corporate and trade finance business in Egypt. These strategic alliances are key to the expansion strategy of the Bank, allowing it to leverage unique opportunities to offer clients extensive financial tools while providing valuable market information for GCC clients.
Addis Ababa Representative Office
CIB established its Ethiopia Representative Office in April 2019. Based in the Kirkos Sub City, Addis Ababa, the office has been fully operational since 19 July 2019. Entering one of the most attractive markets in the region, with one of the highest GDP growth rates globally over the last few years and the second largest population in Africa, CIB will be able to further its expansion strategy for tremendous growth opportunities. The office works closely with Egyptian corporations operating in Ethiopia, as well as international and local financial institutions to offer creative solutions for their foreign and local financing needs. The office maintains and builds relationships with Egyptian expatriates in Ethiopia to cater to their personal financial needs by capitalizing on CIB’s outstanding retail products, digital banking solutions, and wide branch network. The focus on developing strong ties with Ethiopian banks will pave the way to establishing on-the-ground market intelligence within the country.