Sharp Daily
No Result
View All Result
Wednesday, October 8, 2025
  • Home
  • News
    • Politics
  • Business
    • Banking
  • Investments
  • Technology
  • Startups
  • Real Estate
  • Features
  • Appointments
  • About Us
    • Meet The Team
Sharp Daily
  • Home
  • News
    • Politics
  • Business
    • Banking
  • Investments
  • Technology
  • Startups
  • Real Estate
  • Features
  • Appointments
  • About Us
    • Meet The Team
No Result
View All Result
Sharp Daily
No Result
View All Result
Home News

CIB Bank to use Kenya as a launch pad into Sub-Saharan market

Brenda Murungi by Brenda Murungi
February 12, 2024
in News
Reading Time: 1 min read

The Commercial International Bank (CIB), Egypt’s biggest privately owned bank listed on the stock exchange, is gearing up to strengthen trade ties with East Africa, with Kenya serving as its entry point into the Sub-Saharan region.

CIB Group, with total assets valued at more than $26.8 billion, aims to leverage its robust financial position and banking expertise to facilitate trade between the two countries.

In January 2023, CIB completed the acquisition of Kenya’s Mayfair CIB Bank (MCIB) after acquiring the remaining 51 percent stake; it originally bought 49 percent in 2020, marking CIB’s first cross-border acquisition.

Amid a dollar shortage affecting Kenya and various countries across the continent and other regions, the bank sees an opening to facilitate cross-border trade between Kenya and Egypt with reduced dependence on the dollar.

RELATEDPOSTS

No Content Available

Both Egypt and Kenya have experienced a scarcity of US dollars in the past year, leading to increased inflationary pressures and economic strain, particularly on trade. Consequently, the two nations explored alternative trade mechanisms, like barter systems, to maintain crucial trade connections.

To ease this pressure on the businesses, the lender is looking to enable seamless transactions between its Egyptian and Kenyan operations.
CIB managing director and CEO Hussein Abaza says that part of the bank’s strength comes from its corporate and SME trade finance capabilities, which, together with a comprehensive set of banking services, create a strong proposition.

Egypt’s main imports from Kenya consist of coffee and tea, whereas Egypt exports paper, plastics, and sugar products to Kenya. Official government trade data shows a steady increase in trade volumes between Egypt and Kenya, reaching $663.6 million (KES 106 billion) in 2022, which the lender will be looking to tap into.

Previous Post

2.75% SHIF deduction to commence on March 1

Next Post

Jumwa fires back at Kuria: Royalty collection issue is in my docket

Brenda Murungi

Brenda Murungi

Related Posts

News

Kenya Q2’ 2025 GDP growth accelerates to 5.0%

October 3, 2025
News

Argentina’s crisis and Kenya’s lessons on political economy and market confidence

September 25, 2025
News

Kenya’s financial system remains stable but faces rising risks

September 25, 2025
News

Where do Kenyan stock returns come from? A napkin framework

September 19, 2025
News

September snapshot: CMMF yields 13.12% as month unfolds

September 5, 2025
Private equity investment business concept
News

Private equity and insurance

September 4, 2025

LATEST STORIES

The economic and environmental gains of Kenya’s LPG shift

October 8, 2025

Equities, Bonds, or Fixed Deposits?

October 7, 2025

Kenya’s Inflation is creeping up, What it means for investors

October 7, 2025

The Role of Micro-Pensions Plans in Kenya

October 3, 2025

Understanding the link between international aid and cooperative finance stability in Sub-Saharan Africa

October 3, 2025

Kenya Pipeline Company IPO

October 3, 2025

Kenya Q2’ 2025 GDP growth accelerates to 5.0%

October 3, 2025

Kenya’s Regulated SACCOs Cross Trillion Shilling Mark

October 2, 2025
  • About Us
  • Meet The Team
  • Careers
  • Privacy Policy
  • Terms and Conditions
Email us: editor@thesharpdaily.com

Sharp Daily © 2024

No Result
View All Result
  • Home
  • News
    • Politics
  • Business
    • Banking
  • Investments
  • Technology
  • Startups
  • Real Estate
  • Features
  • Appointments
  • About Us
    • Meet The Team

Sharp Daily © 2024