Commercial International Bank (CIB) has received approval from the Central Bank of Egypt (CBE) and the Central Bank of Kenya (CBK) to acquire a 49% stake in Kenya's MY Fair CIB for USD 40 mn to become wholly owned by CIB.
He added that the transaction fulfills the bank's strategy to be present in Kenya, where MY Fair will become wholly owned by CIB, which in 2020 acquired a 51% stake in the bank.
MY Fair's financial indicators showed that operating income increased by 64% last year to reach about $ 8.2 million compared to the previous year.
