SBM finally takes over Chase Bank

Employees and depositors at Chase Bank can finally breathe a sigh of relief.

This is after the deal to have the State Bank of Mauritius take up its assets was concluded. They can now mark the calendar and count down 42 days to the date when they will access part of their money and new jobs after Central Bank of Kenya (CBK) gazetted the asset transfer yesterday.

“The acquisition and assumption shall take effect on August 17, 2018,” Central bank Governor Dr Patrick Njoroge said.

SBM will now undertake to rebrand, getting systems in order and ensuring the books carried over are clean.