Egyptian top lender gets CBK nod to buy Mayfair Bank

Egypt’s largest private lender Commercial International Bank (CIB) has received regulatory nod to acquire a controlling stake in Mayfair Bank, deepening acquisitions in the local banking sector.

The Central Bank of Kenya (CBK) announced on Friday that it had given the greenlight to CIB to acquire a 51 percent stake in the tier III lender effective May 1, saying the deal will diversify and add resilience to Kenyan banking sector.