Commercial International Bank Egypt (CIB) (COMI) has obtained the approvals of the Central Bank of Egypt (CBE) and the Central Bank of Kenya (CBK) to acquire the remaining 49% of Mayfair CIB for $40 million, according to a bourse filing on January 29th.
Mayfair CIB is now a fully owned subsidiary of the bank.
In April 2020, CIB entered the Kenyan market with the takeover of a 51% stake in Mayfair Bank.
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