CIB of Egypt donates Ksh 10m to COVID-19 emergency fund

The Commercial International Bank (CIB) of Egypt has joined the fight against the COVID-19 pandemic in Kenya and by making a US $100,000 donation to the COVID-19 Emergency Response Fund.

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.EzzAl-Arab said: We aim to learn from the Kenyan market as it is a developed market for financial inclusion.”