The Central Bank of Kenya (CBK) has approved the liquidation of 25 percent of assets belonging to the defunct Chase Bank Limited. Chase Bank was placed under receivership on April 7, 2016, under the Kenya Deposits Insurance Corporation (KDIC).
In August 2018, SBM Bank Kenya bought 75 percent of the valuable assets of Chase Bank Limited leaving 25 percent of the assets to the Central Bank of Kenya and the Government of Kenya.
“75 percent of the value of deposits at Chase Bank Kenya and 75 percent of the value of assets were carved out and transferred to SBM Bank Kenya Limited,” said CBK in a statement.
According to CBK, the liquidation of 25 percent of the remaining assets “would facilitate the orderly resolution of the residual assets and liabilities of CBLIR in accordance with the laws of Kenya.”