Chase Bank back in operation but limits access to cash

Chase Bank Limited (In Receivership) today resumed operations under the management of KCB, in a move that is expected to restore confidence in the banking sector.  This has given depositors a renewed sense of hope, two weeks after CBK placed the bank under statutory management.

While assuring customers that their money is safe, Paul Russo, the Receiver Manager appointed by KCB, said Chase Bank (IR) remained committed to its customers and was keen on retaining its clientele.



“We recognise the fact that our customers have been regrettably inconvenienced over the last two weeks. We thank them for their support and remain deeply committed to our customer service promise. Chase Bank’s (IR) unparalleled support to the small and medium sectors will continue unabated,” said Mr Russo.

Last week, the Kenya Deposit Insurance Corporation (KDIC) appointed KCB Bank Kenya as Chase Bank’s (IR) statutory manager. The appointment gives KCB the mandate to undertake all roles and responsibilities of running the bank on behalf of KDIC, the receiver manager, as provided for under the Kenya Deposit Insurance Act 2012.

All 57 branches across the country will remain open during the bank’s normal operating hours while Chase Bank’s (IR) alternative – online and mobile banking – channels will be available. Any new deposits will also be available as soon as they are needed, proof of the Bank’s determination to resume normal operations.

 “But as earlier announced, customers with a million shillings or less in deposits can access all or part of their money,” Mr Russo added.

Mr Joshua Oigara, KCB Group’s CEO said its appointment as receiver manager for Chase Bank Limited (IR) is a strong message that the Kenyan banking system has the capacity to offer globally benchmarked but locally relevant solutions.




“KCB Group is firmly behind Chase Bank’s (IR) recovery,” he said. “CBK and KCB will ensure that Chase Bank (IR) will have adequate liquidity for its operations. Chase Bank (IR) built a strong brand based on strong customer relationships and a commitment to service excellence. We are determined to regain our clients’ trust.”