Chase bank calls depositors for a meeting following SBM Holdings deal

Chase Bank customers mill outside the bank's Moi Avenue branch in Mombasa following its closure in April last year.

NAIROBI, KENYA: Central Bank and Kenya Deposit Insurance Corporation have set up dates for meeting Chase Bank depositors this week.

In a notice, CBK says it will meet depositors from Nairobi on January 11 at Crowne Plaza and plans similar meeting with Mombasa depositors on January 11 at Whitesands Hotel.

The meeting will update the customers on the status of Chase Bank following a deal from SBM Holdings accepted by the regulator on Friday.

Central Bank and Kenya Deposit Insurance Corporation (KDIC) late last week said they have received and accepted binding offer from SBM Holdings with respect to Chase Bank (Kenya) Limited (In Receivership) (CBLR).

The binding offer accepted on January 4, includes the acquisition of certain assets and matched liabilities from CBLR. This binding offer is similar to the non-binding offer that was discussed with depositors on October 6, 2017.

“The 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 suspension and the transfer of staff and branches of the existing CBLR operations,” said a statement from the regulator.