Most operations at Chase Bank back to normal

Chase Bank has resumed most services as it rises from the ashes of receivership. With the support of Kenya Commercial Bank, who is the receiver manager appointed by Kenya Deposit Insurance Corporation (KDIC), the bank has resumed key banking services such as Real Time Gross Settlements (RTGS) and Electronic Funds Transfers (EFT).

Chase bank customers view a notice pinned on the entrance of the bank's River road branch in Nairobi after it was placed under receivership for one year by Central bank of Kenya on 07/04/2016. Photo WILLIS AWANDU

Agency Banking, trade finance, foreign exchange transactions and cheque clearance have also resumed. This effectively gives customers access to all transactions, barely a fortnight after the lender reopened on April 27.

According to the receiver manager, Paul Russo, restoration of these services signals the lender’s commitment to getting back to full operations soon. “Over the last two weeks, we have reached crucial milestones towards getting Chase back to full flight,” he said. KCB Group CEO Joshua Oigara said the recovery progress of Chase Bank signals growing confidence in the banking sector.

KDIC acting CEO Ahmed Mohammud said: “We are committed to supporting Chase Bank for the benefit of all stakeholders and ensure it resumes normal operations.”