Egyptian lender CIB Bank has opened a new branch in the country taking its total to seven branches in Kenya and 200 in Egypt in its latest investment.
The bank has been betting on its investments in the country to be the stepping stone to its east Africa regional penetration.
CIB Kenya Chairman Tom Gitogo said that the bank is looking to leverage the entrepreneurship spirit of coastal Kenyans to expand its operations.
"CIB Kenya is committed to providing a seamless platform for fostering business links between traders in Kenya and Egypt. Our Mombasa branch will be instrumental in expanding our East African operations, serving as a key facilitator for intra-African trade," said Gitogo
Speaking during the branch opening, H.E Wael Nasreldin Attia, Egypt's Ambassador to Kenya said the opening of the new branch will not only strengthen ties between the bank and Kenya's coastal region, but also cement economic ties between Egypt and Kenya.
The lender has been looking to ride on the trade between Kenyan exports to Egypt, to grow its operations regionally.
The trade in 2023 totaled approximately Sh31.2 billion while imports from Egypt clocked Sh49.5 billion Egypt is the second-largest market for Kenyan tea exports, having imported 65.89 million Kilograms worth Sh 22.05 billion in 2023.
In March, CIB Egypt sponsored the Kenya Egypt Business Forum, in an effort to solidify its role in strengthening economic ties between the two countries.
With the full acquisition of CIB Kenya, the parent company has also launched an Africa Business Desk, focusing on growing African-based business with exporters in textiles, consumer durables, and construction sectors.
The opening of the Mombasa branch represents CIB Kenya's ongoing commitment to enhancing its service offerings and playing a pivotal role in the economic development of Kenya's second-largest city and the wider East African region.
