CIB Kenya, a subsidiary of Egypt’s largest private sector bank, has opened its seventh branch, the bank is located at the Oriental Building on Nkrumah Road, Mombasa.
The new branch marks a significant milestone in CIB Kenya’s expansion strategy, designed to enhance accessibility to comprehensive banking services for both individual and corporate clients in the region.
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.
CIB Kenya Chairperson, Tom Gitogo, emphasized the bank’s commitment to supporting the diverse financial needs of Mombasa residents and businesses.
“By establishing a presence in the bustling Port City of Mombasa, CIB Kenya aims to empower local entrepreneurs, foster job creation, and contribute to the region’s economic resilience as a vital trade hub. The new branch will offer an extensive range of services, including, Current 8 Savings accounts, Tiered Interest-earning accounts, foreign exchange services, cards, innovative digital banking solutions among other banking services” stated Gitogo.
He said 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,” added Mr Gitogo.
Speaking during the branch opening, Egypt’s Ambassador to Kenya H.E Wael Nasreldin Attia 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.
Kenya’s exports to Egypt in 2023 totaled approximately KES 31.2 billion while imports from Egypt clocked KES 49.5 billion. Egypt is the second-largest market for Kenyan tea exports, having imported 65.89 million Kilograms worth KES 22.05 billion in 2023.
In March this year, CIB Egypt sponsored the Kenya Egypt Business Forum, further solidifying its role in strengthening economic ties between the two countries. The initiative underscores CIB Kenya’s dedication to supporting trade across Africa by offering tailored financial services to a diverse clientele, including local importers and exporters.
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.
