The acquisition will be effective from May 1, 2020. According to Verdict, the move is part of CIB’s strategy to expand into the East African region. Under the deal terms, CIB will offer requisite skills, resources, and infrastructure to help Mayfair Bank grow its business. According to Reuters, CIB has pumped an additional capital of USD 35 million into Mayfair under the terms of the agreement.
Mayfair Bank, which commenced operations in 2017, operates five branches across Nairobi, Eldoret, and Mombasa in Kenya. It targets high net worth individuals and the corporate market segment and is categorised as a small bank with a 0.17% market share as of February 2020.
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