The Central Bank of Kenya has given State Bank of Mauritius (SBM) a-go-ahead to acquire the assets of Chase Bank Kenya.

The Central Bank of Kenya has given State Bank of Mauritius (SBM) a-go-ahead to acquire the assets of Chase Bank Kenya

The portfolio includes certain assets and matched liabilities i.e; Chase Bank deposits, staff and branches that are operational.

“CHASE BANK (KENYA) LIMITED (IN RECIEVERSHIP) Central Bank of Kenya (CBK) and Kenya Deposit Insurance Corporation (KDIC) announce the receipt and acceptance of a Binding Offer from SBM Holdings Limited (SBM) with respect to Chase Bank (Kenya) Limited (In Receivership) (CBLR). The Binding offer still needs to be executed and operationalised, and it is expected that this transaction will inter alia ensure the transfer of 75 percent of the value of deposits currently under moratorium and the transfer of staff and branches of the existing CBLR operations.” The Central Bank said in a statement.

“Non-moratorium depositors will continue to have full unrestricted access to their funds. CBK and KDIC plan to meet CBLR depositors on Wednesday, 10th and Thursday, 11th January 2018.” continued the statement.

SBM aims to combine this acquisition with Fidelity Bank which was acquired in May 2017.

“SBM will bring its experience and expertise from Mauritius and other markets, to further enhance competitiveness and the resilience of Kenya’s banking sector.” CBK noted.