| Commercial International Bank Kenya Ltd | |
| Type: | Private |
| Location City: | Mezzanine Floor, KAM House, Mwanzi Road, Westlands, Nairobi |
| Location Country: | Kenya |
| Industry: | Financial services |
| Revenue: | Aftertax:KSh365.88 million (US$3.46 million) (2019) |
| Assets: | KSh8.65 billion (US$82 million) (2019) |
Commercial International Bank (CIB) Kenya Limited (formally Mayfair Bank 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.[1] [2]
The headquarters and main branch of the bank are located on the Mezzanine Floor at KAM House, along Mwanzi Road, in Westlands, Nairobi.[3] The geographical location of the bank's headquarters are:01°15'28.0"S, 36°48'08.5"E (Latitude:-1.257778; Longitude:36.802361).
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.[4] 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).[5]
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]
On the 3rd of 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.
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:[11]
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.[12]
| Rank | Name of Owner | % Ownership Before Acquisition | % Ownership After Acquisition |
|---|---|---|---|
| 1 | Commercial International Bank | 0.00 | 51.00 |
| 2 | |||
| 3 | Masumin Investments Limited | ||
| 4 | Ambrose Rachier | ||
| 5 | 16 Other Kenyan Individuals | ||
| 6 | 12 Other Kenyan Corporations | ||
| Total | 100.00 | 100.00 | |
As of December 2019, CIB Kenya maintained five networked branches at the following locations:[5]
CIB Kenya is governed by a ten-person Board of Directors with Tom Gitogo serving as the chairman and Hossam Rageh as the CEO.[13]