Mauritius’s SBM Holdings will acquire 75% of the value of certain deposits of Kenya’s Chase bank plus matched liabilities, the Central Bank of Kenya (CBK) said today. CBK has been seeking a strategic investor for Chase, which has been under receivership since April 2016 after failing to meet its financial obligations.
Njoroge said these deposits were not blocked or contested in court cases related to the bank’s receivership. “On the loans side, it will take a bit more time,” Njoroge said.
He said SBM also intended to take up the maximum number of Chase staff and branches but did not give details.
Chase was the third medium-to-small lender to be closed in Kenya over a period of nine months, rattling investors in East Africa’s richest economy, where the level of gross non-performing loans reported by banks rose sharply in 2015.
The central bank has not found a solution for the remaining 25% of Chase not acquired by SBM, Njoroge said. He did not give a value for the stake purchased by SBM.
In addition to offering banking services, SBM Holdings has an asset management and stockbroking unit. The Mauritius bank also has a presence in Madagascar and India. Kenya’s Chase Bank has no relation to JP Morgan Chase & Co.
Govt to merge six financial agencies to form mega bank
According to the plan, the new agency will become a one-stop shop for loans from the Government ranging
Win for MCAs in fight for fat pay
They claim the salary capping has negatively affected the effective functioning of the 47 County Assemblies and County Governments
Align Kenya’s political system with global standards
There is need to ensure that our system is in line with international best practice especially as they relate to...
Kitui County embroiled in models ‘sex scandal’
At least 16 models have dismissed the crowning of four winners at a beauty pageant held last month
Kenya not yet fully a free democracy, new report says
While a full report on the country's performance is not yet available online, a summary of the report notes that...
Family of five perishes in Juja inferno
Police said a woman, three children - all aged below 10 years, and a man were found early Tuesday morning
Americans urged to support conservation
Conservation of nature in many countries in Africa contributes significantly to sustainable rural community livelihoods
It’s business as usual, Mike Sonko says
He dismissed reports that Igathe called it quits last Friday following disagreements arising from implementation of key projects and award...
Police mum on theft of State House furniture
Nakuru OCPD Samuel Obara told the press that only police headquarters in Nairobi or State House spokesman Manoah Esipisu can...
Uncertain future for 100 police officers recalled from NTSA
The Director of Personnel at Vigilance House, the Kenya Police Service nerve centre, Boniface Maingi asked the commanders to send...