Majority stake in Chase bank goes to KCB Group

The Kenya Commercial Bank (KCB) will take over the management of Chase Bank according to the Central Bank of Kenya

KCB will open the bank’s branches by Wednesday April 27^th with its depositors having access to their deposits of up to Kshs 1 Million, ‘However, branches may initially offer limited banking services”

However,”Deposits in excess of KSh1million will be made available in a structured manner, details of which will be released in the near future.”

According to Dr. Patrick Njoroge, Chase Banks has 27,000, SME customers, 431 Non-Governmental Organizations, 147,000 saccos as its depositors, and customers.

In selecting KCB, Central Bank Governor Dr. Patrick Njoroge, “In selecting the suitable bidder of Chase Bank, we looked at Speed, Liquidity, credibility & strong Management.”

“KCB’s credentials as a strong bank with a solid brand, adequate human resources and wide experience in the country, will facilitate safeguarding the interests of CBL’s depositors and creditors and the wider public interest.”

He added that, “We believe that with KCB Group Management, we have the best plan towards stability in the Banking Sector. KCB will undertake a detailed due diligence review of CBL. This will inform decisions relating to KCB’ interest in a majority stake.”

Njoroge, however, said KCB has no injected any capital to CBL yet thus, will act as receiver managers before their intention to acquire is finalized.

“KDIC remains as the receiver manager for Chase bank, KCB will be the managers.”