CIB Kenya
 | |
| Company type | Private |
|---|---|
| Industry | Financial services |
| Founded | 20 June 2017 |
| Headquarters | , |
| Products | 1. Credit Account
2. Savings Account 3. Debit Cards 4. Credit Cards 5. Mobile & Internet Banking 6. Safe deposits locker 7. Teyari Overdrafts 8. Investments |
| Revenue |  Aftertax:KSh365.88 million (US$3.46 million) (2019)[1] |
| Total assets | KSh8.65 billion (US$82 million) (2019)[1] |
| Website | https://cibke.com/ |
Commercial International Bank (CIB) Kenya Limited is a commercial bank in Kenya. It is licensed by the Central Bank of Kenya, the country's central bank and national banking regulator.[2][3]
Location
[edit]The headquarters and main branch of the bank are located on the Mezzanine Floor at KAM House, along Mwanzi Road, in Westlands, Nairobi.[4]
Overview
[edit]CIB Kenya is a retail banking institution, serving small to medium enterprises, large corporate clients and individuals. The bank was started in 2017, as a greenfield investment, by 31 Kenyan investors.[5] As of December 2019, the bank's total assets were valued at KSh8.65 billion (US$82 million), with shareholders' equity of KSh1.040 billion (US$10 million).[1]
History
[edit]CIB Kenya was granted a banking licence by the CBK on 20 June 2017[6] and began its operations on 1 August 2017.[7][8]
In December 2019, Commercial International Bank, based in Egypt began the process of seeking regulatory approval in Egypt and Kenya, to acquire a controlling interest in Mayfair Bank.[9]
Acquisition
[edit]On 3 December 2019, it was announced that one of Egypt's top banks, Commercial International Bank (CIB) wanted to acquire Mayfair Bank.[10] In April 2020, after receiving regulatory and shareholder approval from Nairobi and Cairo, CIB paid US$35 million in exchange for 51 percent shareholding in Mayfair Bank. In January 2023, CIB Egypt fully acquired the bank by buying the remaining 49% shares. The bank has since rebranded from Mayfair CIB Bank Kenya Limited to CIB Kenya.[11]
Shareholding
[edit]As of June 2017, the bank was locally owned by 31 shareholders, thirteen of them corporate and eighteen individuals. At that time, the ownership of the bank's stock, is as illustrated in the table below:[12]
In April 2020, Commercial International Bank of Egypt bought 51 percent shareholding in Mayfair bank for a consideration of US$35 million. The shareholding in the bank changed as illustrated in the table below.[11]
| Rank | Name of Owner | % Ownership |
|---|---|---|
| 1 | Commercial International Bank | 51.00[11] |
| 6 | Other Kenyan Corporations[12] | 49.00 |
| Total | 100.00 |
Branches
[edit]- CIB Kenya Headquarters - Kamhouse, 14 Mwanzi Rd, Nairobi, Nairobi
- Mayfair Center - MAYFAIR Center, Ground Floor, Ralph Bunch Road, Nairobi
- Nyali Branch - KRISH Plaza, Ground Floor, Links Road, Mombasa
- Industrial Area Branch - Hi-Tech Granite Industries Building, Enterprise Road, Industrial Area, Nairobi
- Eldoret Branch - Rupa’s Mall, Second Floor, Malaba Road, Eldoret
- New Upper Hill Branch - Old Mutual Towers, Ground Floor, Upperhill Road, Nairobi
- Mombasa Nkurumah Road Branch Oriental Building, ground floor, Mombasa CBD, Nkurumah Road, Mombasa
References
[edit]- ^ a b c CIB Kenya Website (March 2020). "Audited Financial Statements For The Year Ended 31 December 2019". Nairobi: CIB Kenya Limited.
- ^ Central Bank of Kenya (31 May 2017). "Directory of Licenced Commercial Banks, Mortgage Finance Institutions And Non-Operating Holding Companies" (PDF). Nairobi: Central Bank of Kenya. Retrieved 5 September 2015.
- ^ Standard Reporter (23 June 2017). "New bank in Kenya as CBK grants Mayfair licence". The Standard (Kenya). Nairobi. Retrieved 5 September 2018.
- ^ Mayfair Bank (19 May 2020). "Mayfair Bank Kenya: Contact Us". Nairobi: Mayfair Bank. Retrieved 19 May 2020.
- ^ Moses Michira (15 March 2017). "Peter Kenneth plans new bank in Kenya". The Standard (Kenya). Nairobi. Retrieved 19 May 2020.
- ^ Central Bank of Kenya (23 June 2017). "Press Release: Mayfair Bank Limited" (PDF). Nairobi: Central Bank of Kenya. Retrieved 5 September 2018.
- ^ Mayfair Bank Limited (5 September 2018). "History of Mayfair Bank Limited". Nairobi: Mayfair Bank Limited. Retrieved 5 September 2018.
- ^ Ngunjiri, James (23 June 2017). "CBK approves licence for Peter Kenneth-linked Mayfair Bank". Business Daily Africa. Nairobi. Retrieved 17 August 2017.
- ^ Otiato Guguyu (3 December 2019). "Egypt's top lender seeks approval to buy Mayfair Bank". Business Daily Africa. Nairobi. Retrieved 3 December 2019.
- ^ Otiato Guguyu (3 December 2019). "Egypt's top lender seeks approval to buy Mayfair Bank". Business Daily Africa. Nairobi. Retrieved 19 May 2020.
- ^ a b c Gerald Andae (27 April 2020). "Egypt Lender Buys Mayfair Bank Stake for KSh3.7 Billion". Business Daily Africa. Nairobi. Retrieved 19 May 2020.
- ^ a b Mayfair Bank Limited (5 September 2018). "Mayfair Bank Shareholders". Nairobi: Mayfair Bank Limited. Retrieved 5 September 2018.
External links
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