Lessons from Egypt on coping with pandemic

As the Covid-19 pandemic was taking its toll on global and regional business enterprises, in April 2020, Commercial Bank of Egypt (CIB) became the first Egyptian bank to establish a presence in Kenya, through acquisition of a majority stake in Nairobi-based Mayfair Bank (MBL).

The $35 million deal allows Egypt’s largest private bank, with over $24 billion in assets, to take over a network of five branches and a portfolio of high-net-worth individuals and corporate clients. This was just one of the ventures through, which Egyptian based brands were expanding their footprints across the continent. The pandemic has devastated global economies, and since the crisis set in, Egypt has provided assistance to several countries to help alleviate negative impact.