CIB Kenya

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Commercial International Bank Kenya Ltd
Company typePrivate
IndustryFinancial services
Founded20 June 2017; 8 years ago (2017-06-20)
Headquarters
Mezzanine Floor, KAM House, Mwanzi Road, Westlands, Nairobi
,
Kenya
Products1. Credit Account

2. Savings Account 3. Debit Cards 4. Credit Cards 5. Mobile & Internet Banking 6. Safe deposits locker 7. Teyari Overdrafts

8. Investments
RevenueDecreaseAftertax:KSh365.88 million (US$3.46 million) (2019)[1]
Total assetsKSh8.65 billion (US$82 million) (2019)[1]
Websitehttps://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

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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

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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

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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

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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

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As of June 2017, the bank was locally owned by 31 shareholders, thirteen of them corporate and eighteen individuals.[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]

Shareholding In CIB Bank
Rank Name of Owner % Ownership
1 Commercial International Bank 51.00[11]
6 Other Kenyan Corporations[12] 49.00
Total 100.00

Branches

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  1. CIB Kenya Headquarters - Kamhouse, 14 Mwanzi Rd, Nairobi, Nairobi
  2. Mayfair Center - MAYFAIR Center, Ground Floor, Ralph Bunch Road, Nairobi
  3. Nyali Branch - KRISH Plaza, Ground Floor, Links Road, Mombasa
  4. Industrial Area Branch - Hi-Tech Granite Industries Building, Enterprise Road, Industrial Area, Nairobi
  5. Eldoret Branch - Rupa's Mall, Second Floor, Malaba Road, Eldoret
  6. New Upper Hill Branch - Old Mutual Towers, Ground Floor, Upperhill Road, Nairobi
  7. Mombasa Nkurumah Road Branch Oriental Building, ground floor, Mombasa CBD, Nkurumah Road, Mombasa

See also

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References

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  1. ^ a b c CIB Kenya Website (March 2020). "Audited Financial Statements For The Year Ended 31 December 2019". Nairobi: CIB Kenya Limited.
  2. ^ 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. Archived from the original (PDF) on 12 June 2018. Retrieved 5 September 2015.
  3. ^ Standard Reporter (23 June 2017). "New bank in Kenya as CBK grants Mayfair licence". The Standard (Kenya). Nairobi. Retrieved 5 September 2018.
  4. ^ Mayfair Bank (19 May 2020). "Mayfair Bank Kenya: Contact Us". Nairobi: Mayfair Bank. Retrieved 19 May 2020.
  5. ^ Moses Michira (15 March 2017). "Peter Kenneth plans new bank in Kenya". The Standard (Kenya). Nairobi. Retrieved 19 May 2020.
  6. ^ Central Bank of Kenya (23 June 2017). "Press Release: Mayfair Bank Limited" (PDF). Nairobi: Central Bank of Kenya. Retrieved 5 September 2018.
  7. ^ Mayfair Bank Limited (5 September 2018). "History of Mayfair Bank Limited". Nairobi: Mayfair Bank Limited. Retrieved 5 September 2018.
  8. ^ Ngunjiri, James (23 June 2017). "CBK approves licence for Peter Kenneth-linked Mayfair Bank". Business Daily Africa. Nairobi. Retrieved 17 August 2017.
  9. ^ Otiato Guguyu (3 December 2019). "Egypt's top lender seeks approval to buy Mayfair Bank". Business Daily Africa. Nairobi. Retrieved 3 December 2019.
  10. ^ Otiato Guguyu (3 December 2019). "Egypt's top lender seeks approval to buy Mayfair Bank". Business Daily Africa. Nairobi. Retrieved 19 May 2020.
  11. ^ 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.
  12. ^ a b Mayfair Bank Limited (5 September 2018). "Mayfair Bank Shareholders". Nairobi: Mayfair Bank Limited. Retrieved 5 September 2018.
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