Mauritius lender SBM bank Kenya fully acquires Kenya’s troubled bank,Chase Bank after two years

SBM bank has acquired specified assets and assumed certain deposits belonging to Chase Bank Limited which has been under receivership since April 6, 2016.

  • Early this year, the Central Bank of Kenya (CBK) gave
  • Following the acquisition, 25 percent of each transferred deposit will be held in a current account with SBM Kenya.
  • Chase Bank Limited was places under receivership since April 6, 2016.

Central Bank and Kenya Deposit Insurance Corporation in a joint statement have announced that the acquisition of Chase Bank is now complete.

This means that Chase Bank depositors can now access their money from SBM Bank.

“The agreement provides that there will be a transfer of 75 per cent of the value of deposits currently under moratorium at Chase Bank (Kenya) Limited (In receivership), and the transfer of the majority of staff and branches of the existing CBLR operations,” the regulators said in a joint statement.

Early this year, the Central Bank of Kenya (CBK) gave the Mauritanian leader the green light to take over the troubled bank.

25 per cent of the value of moratorium deposits will remain in CBLR while Non-moratorium depositors will be transferred and will continue to have full unrestricted access to their funds.

Following the acquisition, 25 percent of each transferred deposit will be held in a current account with SBM Kenya,with unrestricted usage and without interest being payable.

A further 25 percent of each transferred deposit will be held in a savings account with SBM Kenya at an interest rate of 6.65 per cent per annum, with unrestricted usage while the remainder of each transferred deposit will be held on fixed term deposit with SBM Kenya at an interest rate of 6.65 percent per annum.

“Such deposits (together with the interest thereon) to mature, as to one-third of such remainder, on the first, second and third anniversaries of the transfer respectively,” the two institutions said.

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