Kenya: Chase Bank to reopen this week

Apr 25, 2016

Kenya Commercial Bank (KCB) acquired a majority stake in the bank last Friday.

Chase Bank is to reopen this week after Kenya Commercial Bank (KCB) acquired a majority stake on Friday (April 22nd) and said it would reopen the bank in a week's time.

"Ninety-seven per cent of the accounts will receive their money in full. All branches will open on 27th April," it said.

According to the governor of Kenya's central bank (CBK) Patrick Njoroge, KCB's bid was selected from nine international and local offers.

"The parameters we were looking for in the proposals include speedy resolution, one that supports credibility, includes brand recognition, liquidity as well as sound management," said the CBK in a statement.

Chase Bank went into receivership two weeks ago after panic withdrawals due to alleged mismanagement reports in the media.

In the last nine months, three banks - Chase Bank, Imperial Bank and Dubai Bank - have been placed in receivership, which is believed to have caused a decline in market confidence towards small and midsize Kenyan banks.ADNFCR-2976-ID-801817155-ADNFCR