The Commercial International Bank (CIB), an Egyptian private sector lender has announced plans to acquire a stake in Mayfair Bank Limited in Kenya.

According to the Competition Authority of Kenya (CAK), the Egyptian lender has already applied for the stake and is awaiting approval.

As reported by Bloomberg, the Central Bank of Kenya data indicates that Mayfair Bank is Kenya’s fourth-smallest lender. It has a market size index of 0.16%. It was licensed in June 2017 and doubled its half-year loss in the six months to June 2019 to 161.4 million shillings ($1.57 million).

Commercial International Bank (Egypt) is an Egyptian private-sector bank. The company corporate headquarters are located in Cairo, Egypt. The company is also ranked in the Forbes Global 2000 listing which represents the largest corporations in the world.

Mayfair Bank was granted licence by the Central Bank of Kenya in June 2017 and mainly targets the corporate market segment.