NAIROBI, Kenya- Egyptian lender CIB Bank is making significant strides in East Africa with the opening of its seventh branch in Kenya.
This new branch, located in Mombasa, is part of CIB’s broader strategy to leverage the growing trade between Kenya and Egypt to expand its regional footprint.
With a robust presence of 200 branches in Egypt, CIB is now focusing on enhancing its operations in Kenya, aiming to foster stronger business links and economic ties between the two nations.
CIB Kenya Chairman Tom Gitogo emphasized the bank’s commitment to harnessing the entrepreneurial spirit of coastal Kenyans.
“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,” Gitogo stated.
This new branch is expected to be a crucial element in CIB’s strategy to penetrate the East African market, using Kenya as a springboard.
The opening ceremony of the Mombasa branch was attended by H.E Wael Nasreldin Attia, Egypt’s Ambassador to Kenya, who highlighted the broader economic implications of this expansion.
“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,” he remarked.
This move comes on the heels of the Kenya Egypt Business Forum, sponsored by CIB Egypt in March, which aimed to solidify economic relations between the two countries.
Trade between Kenya and Egypt has been thriving, with Kenyan exports to Egypt reaching approximately Sh31.2 billion in 2023, and imports from Egypt totaling Sh49.5 billion.
Notably, Egypt is the second-largest market for Kenyan tea exports, importing 65.89 million kilograms worth Sh22.05 billion last year.
