In its June review of African equities Corporate Africa reports that the markets of sub Saharan Africa are performing in line with the global trend, the majority experiencing record lows. The economic fallout from the corona virus, negative oil prices, and high debt service ratios have caused shock-waves throughout much of Africa reflected in stalled economies and poor market performances.
Egypt’s CIB acquires 51% of Kenya’s Mayfair Bank
Egypt’s Commercial International Bank (EGX:COMI) has acquired a 51% stake in Kenya’s Mayfair Bank, the Central Bank of Kenya said on Friday, following its approval on April 7, 2020.
Mayfair Bank was licensed in June 2017 and commenced operations in August 2017. The bank has five (5) branches in Nairobi, Eldoret and Mombasa. It targets high net worth individuals and the corporate market segment. It is categorised as a small bank with a market share of 0.17 per cent as at February 2020. CIB will provide Mayfair Bank with the requisite skills, resources and infrastructure to scale up its business.