NAIROBI, KENYA: Funds locked up at Chase Bank over the last two and a half years will be available at the rebranded State Bank of Mauritius counters on August 20.
Deal to buy Chase Bank assets will be concluded on August 17 after Treasury and Central Bank gave it a clean bill last week.
“By August we will have over 60 branches, 800 employees and we will become a mid-sized lender,” said Andrew Bainbridge, Group CEO of SBM Holdings Ltd.
On Thursday, Kenya Commercial Bank (KCB) said it has completed its assignment as the Kenya Deposit Insurance Corporation (KDIC) appointed receiver manager in Chase Bank Ltd (In Receivership).
Mr Bainbridge said the lender will take the majority of Chase Bank branches, IT infrastructure, offer employees new terms of service and carry a ‘substantial portion of the loan book’.
As per the terms of the transaction, 50 per cent of the non-moratorium deposits will be available upon completion of the transaction through current and savings accounts. The remaining 50 per cent will be placed in interest earning term deposits to be accessed equally over a period of three years.