The Central Bank of Kenya has approved the acquisition of a majority stake in Mayfair Bank by Commercial International Bank, the largest private bank in Egypt.

The deal is worth a total of KSh3.7 billion, and will be used to increase the new Mayfair CIB Bank’s capital. The Central Bank of Kenya expects the deal to strengthen trade and investment between the two countries. Kenya mostly imports sugar, rice and fertiliser from Egypt.

Kenya and Egypt have been exerting strenuous efforts to double the volume of trade exchange between them. In 2018, the volume of trade between Kenya and Egypt was valued at KSh67 billion.

While Mayfair is listed as the fourth-smallest lender, Commercial International Bank boasts a healthy portfolio. The bank is listed on the Cairo, London and New York Stock Exchanges and has over 200 branches across Egypt, offices in Dubai and Addis Ababa and a highly efficient set of digital solutions and online banking platforms