Commercial International Bank (CIB) Kenya Ltd is a commercial bank based in Nairobi, Kenya. It offers a wide range of banking services including savings accounts, credit cards, loans, mobile and internet banking, and safe deposit lockers. CIB Kenya caters to both individual customers and businesses, ranging from small and medium enterprises to large corporate clients. The bank operates under the regulations of the Central Bank of Kenya and plays a significant role in Kenya’s financial sector.
History of CIB Kenya
CIB Kenya was established in 2017 as a greenfield investment by 31 Kenyan investors. The bank was licensed by the Central Bank of Kenya on 20 June 2017, with operations officially beginning on 1 August 2017. In just a few years, the bank made strides in expanding its assets and services. By December 2019, CIB Kenya’s total assets were valued at KSh 8.65 billion (approximately US$82 million), with shareholders’ equity of KSh 1.040 billion (about US$10 million).
Acquisition by Commercial International Bank (Egypt)
In December 2019, Commercial International Bank (CIB), a prominent bank based in Egypt, announced plans to acquire a controlling interest in Mayfair Bank. After regulatory approval from both Nairobi and Cairo, CIB purchased 51% of Mayfair Bank for US$35 million. This marked a significant milestone in the growth of CIB Kenya. In January 2023, CIB Egypt fully acquired Mayfair Bank, increasing its stake to 100% and rebranding the bank as CIB Kenya.
Shareholding and Ownership Structure
The initial shareholding in CIB Kenya, as of June 2017, was held by 31 local shareholders, including 13 corporate entities and 18 individual investors. However, after the acquisition by Commercial International Bank (CIB) Egypt, the ownership structure changed. CIB Egypt now holds 51% of the shares, while the remaining 49% is held by Kenyan corporations.
Branch Network
As of 2020, CIB Kenya operates several branches across Kenya, providing accessible banking services to its customers. Some of the key branches include:
- CIB Kenya Headquarters: Located at Kamhouse, 14 Mwanzi Road, in Nairobi.
- Mayfair Center Branch: Situated at Ralph Bunch Road, Nairobi.
- Nyali Branch: Located at KRISH Plaza, Links Road, Mombasa.
- Industrial Area Branch: Located at Hi-Tech Granite Industries Building, Enterprise Road, Nairobi.
- Eldoret Branch: Found at Rupa’s Mall, Malaba Road, Eldoret.
- New Upper Hill Branch: Located at Old Mutual Towers, Upperhill Road, Nairobi.
- Mombasa Nkurumah Road Branch: Situated at Oriental Building, Mombasa CBD, Nkurumah Road.
Products and Services
CIB Kenya offers a variety of banking products designed to meet the needs of both individual and business clients:
- Credit Accounts: Tailored accounts offering credit facilities for businesses and individuals.
- Savings Accounts: Secure accounts to help customers save money.
- Debit Cards: Convenient cards for daily transactions and withdrawals.
- Credit Cards: Access to credit for customers looking for flexible spending options.
- Mobile & Internet Banking: Easy and secure banking through mobile phones and online platforms.
- Safe Deposit Lockers: A secure way for customers to store valuables.
- Teyari Overdrafts: Short-term credit facilities for personal and business use.
- Investments: A range of investment products for wealth accumulation.
Financial Performance
In 2019, CIB Kenya reported a decrease in after-tax profits, amounting to KSh 365.88 million (about US$3.46 million). Despite the financial challenges, the bank’s assets and equity have continued to grow, reflecting its position as a major player in the Kenyan banking sector.
Future Prospects
With the backing of CIB Egypt, CIB Kenya is poised to continue its growth and play an even larger role in the Kenyan banking landscape. The acquisition has provided the bank with the necessary resources to expand its services, enhance its technology, and reach more customers across the country.
Conclusion: CIB Kenya’s Impact on the Banking Sector
CIB Kenya continues to evolve as an important financial institution in Kenya. With a solid foundation in both local and international banking practices, CIB Kenya is well-positioned for continued success. Its wide range of products and services, along with the backing of CIB Egypt, ensures that it remains a reliable choice for individuals and businesses alike.
| Company type | Private |
|---|---|
| Industry | Financial services |
| Founded | 20 June 2017; 8 years ago |
| Headquarters | Mezzanine Floor, KAM House, Mwanzi Road, Westlands, Nairobi, Kenya |
| Products | 1. Credit Account2. Savings Account 3. Debit Cards 4. Credit Cards 5. Mobile & Internet Banking 6. Safe deposits locker 7. Teyari Overdrafts8. Investments |
| Revenue |  Aftertax:KSh365.88 million (US$3.46 million) (2019)[1] |
| Total assets | KSh8.65 billion (US$82 million) (2019)[1] |
| Website | https://cibke.com/ |
