Nairobi, April 20 -- Egyptian lender, Commercial International Bank (CIB), is reviewing its growth plan for Kenya after recording $1.22 million in impairment losses in a Kenyan subsidiary on what it describes as "economic variation" in the operating environment which has gone against the unit's pre-acquisition assumptions.

CIB, the largest private lender by assets, says in its 2023 report that the macroeconomic assumptions and business plans which it made at the time of acquiring Kenya's Mayfair Bank in 2020 have been impacted by the challenging economic environment.

Policy tightening

This include the continuous increase in interest rates by the central bank primarily driven by the government's plan of monetary policy tightening to rei...