Commercial International Bank of Kenya (CIB) has launched a new branch in Mombasa, increasing its total branches in Kenya to seven. This new branch is strategically located at the Ground Floor of the Oriental Building on Nkrumah Road and offers premier services in cash and liquidity management, capital markets, foreign exchange, and derivatives.
Chairman Tom Gitogo of CIB Kenya highlighted the bank’s strategy to capitalize on the vibrant entrepreneurial culture of coastal Kenya to enhance its operations.
“CIB Kenya is dedicated to providing a seamless platform that fosters business connections between traders in Kenya and Egypt. Our Mombasa branch is crucial for our East African expansion, serving as a vital facilitator for intra-African trade,” Gitogo said.
Egypt’s Ambassador to Kenya, H.E Wael Nasreldin Attia, attended the branch opening and stated that the new branch would not only enhance the relationship between the bank and Kenya’s coastal region but also strengthen economic ties between Egypt and Kenya.
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CIB made its entry into Kenya in April 2020 by acquiring a 51 percent stake in Mayfair. The regional expansion strategy of CIB saw a significant boost in 2013 when the Central Bank of Kenya (CBK) approved its acquisition of the remaining 49 percent of Mayfair, turning it into a fully-owned subsidiary with a total deal value of $40 million (Sh6.1 billion).
With 200 branches in Egypt, CIB envisions using Kenya as a launching point for further penetration into East Africa and the larger sub-Saharan region. The bank has been expanding in African markets since 2019, including establishing a commercial representative office in Addis Ababa, Ethiopia.