Kenya’s Chase Bank to shut down 10 branches following ongoing takeover by Mauritian lender

david nganga

July 20, 2018 2:20 PM

Chase Bank collapsed in 2016 with deposits of more than Sh100 billion

The troubled lender said Friday that the affected branches will cease operations on August 20, in a move which could see hundreds of its employees rendered jobless.

Some of the branches earmarked for closure include Kisumu Xpress located at Naivas Supermarket, Pangani Xpress at Oil Libya, the Parklands branch located at Medi Plaza and Delta Branch located at PWC Towers in Westlands, Nairobi.

Other branches affected are City Centre Branch located at the Prudential Building, Garissa branch at Lilac Centre, Kayole branch at Shujaa Mall and the Eastleigh branch at Sunrise Mall.

Customers from the affected branches will be transferred to existing ones to ensure smooth transition.

Receivership

The Mauritian lender is set to complete the acquisition of certain assets and assumption of certain deposits of Chase Bank, which is under receivership, on August 17 and launch the rebranded branches three days later.

The acquisition will see SBM Group rebrand and open majority of Chase Bank branches and start serving customers on August 20.

Chase Bank collapsed in 2016 with deposits of more than Sh100 billion, part of which was returned to small depositors while it was under the care of the CBK.

SBM formally took over Chase Bank mid-April this year upon conclusion of a sale deal.

david nganga