SMB finally seals Chase Bank deal

A customer makes a withdrawal at a Chase Bank ATM in Mombasa soon after the reopening of the lender's branches in April 2016. The bank had about Sh76 billion as deposits when it was put under receivership. [File, Standard]

SBM Kenya has signed an agreement that will see it take control of some assets and deposits of Chase Bank, which is in receivership.

The conclusion of the deal wraps up two acquisitions of Kenyan banks by the Mauritius lender in less than a year. It acquired Fidelity Bank in May last year.