Commercial International Bank of Kenya (CIB) Opens a New Branch in Mombasa

Read Time:1 Minute, 32 Second

Commercial International Bank of Kenya (CIB) has opened a new branch in Mombasa, taking its total to seven branches in Kenya. The new branch, located at the Ground Floor of the Oriental Building on Nkrumah Road, will provide world-class services in the areas of cash and liquidity management, capital markets, foreign exchange, and derivatives.

CIB Kenya Chairman Tom Gitogo said that the bank is looking to leverage the entrepreneurship spirit of coastal Kenyans to expand its operations.

“CIB Kenya is committed to providing a seamless platform for fostering business links between traders in Kenya and Egypt. Our Mombasa branch will be instrumental in expanding our East African operations, serving as a key facilitator for intra-African trade,” said Gitogo.

Speaking during the branch opening, H.E Wael Nasreldin Attia, Egypt’s Ambassador to Kenya said the opening of the new branch will not only strengthen ties between the bank and Kenya’s coastal region, but also cement economic ties between Egypt and Kenya.

Read: Absa Bank Expands with Second Branch in Eldoret

CIB, widely recognized as Egypt’s preeminent corporate bank, first entered Kenya in April 2020 with the acquisition of a 51 percent stake in Mayfair.

But its regional entry strategy got its biggest boost in 2013 when the Central Bank of Kenya (CBK) cleared it to acquire the remaining 49 percent of Mayfair to become its fully owned subsidiary, for a total transaction value of $40 million (Sh6.1 billion).

The Egyptian lender has been betting on its investments in the country to be the stepping stone to its east Africa regional penetration.

CIB, with 200 branches in Egypt, hopes to use Kenya as the first stop of many inroads into East Africa and the larger sub-Saharan region, expanding in African markets since 2019, by establishing a commercial representative office in Addis Ababa, Ethiopia.