The acquisition and assumption process will provide SBM Kenya a 75 per cent ownership as well as the transfer of staff and branches of the existing Chase Bank operations.
The Central Bank of Kenya has announced that Mauritian lender SBM Holdings has begun acquiring Chase Bank (Kenya), reported local daily, The EastAfrican.
SBM Holdings’ acquisition of Chase Bank (Kenya) is being done through its Kenyan subsidiary SBM Kenya.
In a statement, Central Bank of Kenya said that the development follows its approval on 13 June 2018, for SBM Kenya to acquire certain assets and liabilities of Chase Bank as provided under Section 9 of the Banking Act and under the Central Bank Prudential Guidelines. Subsequently, approval was granted by the Cabinet Secretary, National Treasury on 28 June 2018.
The acquisition and assumption process is expected to be completed on 17 August 2018.
Chase Bank was placed under receivership when it failed to meet its financial obligations and Kenya Deposit Insurance Corporation was appointed as the receiver manager.