Chase Bank Depositors to Access their Balances in Three Years

Depositors at Chase Bank Kenya who received 50 percent of their deposits in January will access the remaining half within three years.

During the period, non-moratorium depositors continued to have full unrestricted access to their funds.

Further, Moratorium deposits will have 75 percent of the money move to SBM Holdings Ltd (SBM) out of which 50 percent will have ready access in a current account and the remaining balance at 7 percent interest.

To paraphrase, we will lose 25% of the deposit but will get 37.5% immediately. 37.5% will be availed in 3 annual tranches with a 7% interest #CHASEBANK

— Peter Nduati (@PeterNduati) January 10, 2018

This was revealed when the Central Bank of Kenya (CBK) and the Kenya Deposit Insurance Corporation on Wednesday status meeting with the depositors.

CBK and KDIC had announced to have received and accepted a binding offer from SBM Holdings Limited to acquire certain assets and matched liabilities from Chase Bank in Receivership.

“The binding offer is accepted but still needs to be executed and operationalised. It will also ensure the transfer of staff and branches of the existing CBLR operations,’’ said CBK governor Patrick Njoroge in a statement.

SBMH started its Africa prospects with the acquisition of the Fidelity Commercial Bank (FCB) in May 2017.