Regulator fines KCB, Britam Sh10 million for defying CMA rules

Chase Bank customers outside the bank's Moi Avenue branch in Mombasa following its closure in April 2016. The bank has been in receivership since for failing to meet its financial obligations. [Maarufu Mohamed, Standard]

Kenya Commercial Bank (KCB) and British American Asset Management have been fined Sh10.14 million for breaching investment levels in Chase Bank.

In its latest annual report covering 12 months to June 2017, Capital Markets Authority (CMA) said KCB failed to promptly exercise the duty of care as a trustee despite noting increased portfolio growth of deposits in Chase Bank that is currently in receivership.