Chase Bank customers to access up to KES 1 million
21 April 2016, 07:26
Nairobi - The CBK Governor, Patrick Njoroge said Chase Bank will reopen on Wednesday under KCB management.
In a statement Wednesday, CBK said an understanding had been reached between Kenya Deposit Insurance Corporation (KDIC) and KCB on modalities to reopen Chase Bank in the next few days and the eventual acquisition of a majority stake in the bank.
“All Chase Bank Ltd (In Receivership) branches will open by Wednesday, April 27, 2016. The online and mobile banking services will be available. However branches may offer limited services,” said CBK.
The depositors will however access up to KES1 million only with online banking also available – accounting for about 167, 290 customers or 90 per cent of the depositors.
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CBK said deposits above KES 1 million will be made available in a structured manner.
“The moratorium on payments to creditors and lenders remains in place. However, the manager will respond with them in the near future with details of how these would be dealt with,” he said.
The bank of last resort said KCB would carry out due diligence to inform its decision on taking a stake.
CBK Governor Patrick Njoroge recently told a news conference he had received nine indications of interest in the mid-sized lender that was put into receivership this month.
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