COVID-19 Emergency Fund Gets Boost From CIB

Banking & Finance

CIB is responding to the government of Kenya’s appeal to individuals and corporate entities to help counter the spread, effects and impact of the deadly corona virus. The fund was launched by His Excellency President Uhuru Kenyatta on 30th March 2020.

Mr. Hisham Ezz Al-Arab, Chairman and Managing Director of CIB said:

“It is important that we stand with the people of Kenya at this difficult time for all of us.” He added: “The task of fighting this pandemic is huge and no single entity can do it alone. My hope is that this contribution will assist the government as it works with the medical services and frontline staff to save lives in Kenya.”

The Central Bank of Kenya (CBK) announced the acquisition of 51 per cent of the shares of Mayfair Bank Limited (MBL) by CIB. The central bank’s approval was followed by that of the Cabinet Secretary of the National Treasury and Planning.

Building on the global experience and technical know-how of CIB and Mayfair Bank’s local network and reach, the combination will set the foundation for building a world class institution that caters to the needs and evolving expectations of SMEs and large corporates in Kenya and beyond. The partnership is the next trajectory of growth for Mayfair Bank.

Speaking about CIB’s entry into the Kenyan banking sector, Mr. Ezz Al-Arab said:

We aim to learn from the Kenyan market as it is a developed market for financial inclusion.”

Established in 1975, Commercial International Bank (CIB) is Egypt’s leading private-sector bank. CIB is dedicated to achieving the bank’s mission:  To transform traditional financial services into simple and accessible solutions by investing in people, data and digitalization and to serve tomorrow’s needs today.

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With a well-established network of over 200 branches, first-rate remote channels, and digital solutions, CIB provides individuals, households, high-net-worth individuals, large corporations, or small businesses with exceptional, 24/7 services.

CIB has consistently been recognized as the most profitable bank operating in Egypt and the bank of choice for over 500 of Egypt’s largest corporations. CIB was named the World’s Best Bank in Emerging Markets by Global Finance in 2018, one year after it was awarded the same title by Euromoney.

CIB is also the first institution in the Middle East to be the subject of a business case study as part of the London Business School’s curriculum for graduate students. In 2019, Bloomberg included CIB in its “Gender Equality Index”, making it the first company in Egypt and Africa to be listed on the index, which includes 230 companies from 36 countries representing 10 sectors.

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