Browsing: Commercial International Bank (CIB)

Commercial International Bank (CIB)

Commercial International Bank (CIB), the leading private-sector bank in Egypt has announced its plan to increase its presence in the East African region.

This will be achieved by acquiring more banks in the region, which the lender says will help finance Egyptian investors looking for opportunities in Africa’s fastest growing region.

CIB offers a broad range of financial products and services to its customers, which include more than 500 of Egypt’s largest corporations, enterprises of all sizes, institutions, and households.

CIB’s strong brand and growth in retail and Small and medium-sized enterprises (SME) banking segments has continued to introduce new customers to the bank, making it the most profitable commercial bank operating in Egypt for more than 40 years.

Mayfair Bank

CIB, which has over $27.24 billion worth of assets acquired a 51 per cent stake in the Kenyan Mayfair Bank, its initial buyout in the African continent last year, …

Banque Misr, Egypt’s second-largest bank, has announced plans to enter the Kenyan market as it seeks lending deals in East Africa and serving Egyptian firms operating in the region.

To fund the Kenya expansion the state-run bank plans to borrow $250 million from international lenders this year. The Kenyan expansion will also coincide with planned entry into Somalia and Djibouti.

“We are in talks with two international institutions on loans with competitive interest rates,” said Mohamed Eletreby, Banque Misr chairman.

Mr Eletreby added that Banque Misr could enter Kenya through setting up branches or representative offices.

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The bank has branches in the UAE and France, as well as units in Lebanon and Germany and representative offices in China, Russia, South Korea and Italy.

The Banque Misr announcement marks the latest declaration of interest by an Egyptian lender to enter