April 24, 2020 / 12:17 PM / a month ago

Egypt's Commercial International Bank buys 51% of Kenya's Mayfair

NAIROBI, April 24 (Reuters) - Egypt’s Commercial International Bank (CIB) has acquired a 51% stake in Kenya’s Mayfair Bank, the Kenyan central bank said on Friday, the latest in a string of deals in the East African nation’s banking sector.

Kenya’s competition authority had said last year that CIB was looking to buy a controlling stake in Mayfair Bank.

Reporting by Duncan Miriri and Omar Mohammed; Editing by Edmund Blair

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