Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.

Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.


KCB says open to consolidation, no comment on Chase

12 April 2016, 11:40

Nairobi - KCB Group, Kenya's biggest bank by assets, said on Monday it was open to taking part in consolidation in the banking sector but declined to comment on whether it was pursuing Chase Bank, put into receivership last week.

"KCB is open to the potential consolidation in the market but nothing specific has been pinned down," KCB said in a statement to Reuters on Monday.

There has been speculation in local media that KCB might be looking to buy Chase Bank, which was taken over by the central bank last Thursday. This followed a run on Chase's deposits prompted by fears over the mid-sized bank's finances.

Analysts said the central bank's action could hasten consolidation in Kenya's banking market.

Chase Bank was the third bank to be taken over by the central bank in nine months, causing uncertainty over the health of the sector, where gross non-performing loans rose sharply in volume last year. With 43 commercial banks in Kenya, there have long been expectations of some consolidation.

Read Also: Kenya's internal debt hits 16.3 bln USD

Central bank Governor Patrick Njoroge said on Sunday they were working to get Chase Bank open as soon as possible and that Chase had attracted interest from both local and foreign investors, which he did not name.

KCB's chief executive, Joshua Oigara, told Reuters last month they were shopping for a mid-sized bank and they were building up a war chest for a potential deal.

"We continue to pursue various options and opportunities and cannot specifically discuss a particular entity," KCB said in its statement on Monday.

Chase Bank was ranked the 11th largest lender out of 43 last year, with assets of 120 billion shillings ($1.19 billion), mainly drawn from small and medium firms, which offer better margins than retail and corporate segments.

For the latest on national news, politics, sport, entertainment and more follow us on Twitter and like our Facebook page!

- Reuters


Read more from our Users

Submitted by
William Korir
Kikuyu 2022 vote will go to Peter...

The 2022 Kikuyu vote will go to Peter Kenneth, a Rift Valley Governor has warned DP William Ruto. Read more...

Submitted by
William Korir
CORD threatens to boycott 2017 po...

The CORD Coalition says that it will be forced to boycott the 2017 elections if there is no new voter register in place by the time. Read more...

Submitted by
Wilson Ochieng
Disgraced Jeptoo stripped of 2014...

Organizers of the Boston Marathon are stripping Kenyan runner Rita Jeptoo of her 2014 victory as part of the athlete's newly extended doping ban. Read more...

Submitted by
Wilson Ochieng
ODM beats Jubilee in 3 by-electio...

ODM dominates Jubilee Party in by elections.

Submitted by
Wilson Ochieng
Kenyan ivory seized in Vietnam

Vietnamese authorities have seized 1 tonne of ivory smuggled from Kenya, the fifth such seizure in the past month. Read more...

Submitted by
Cyril Mike Odhiz
Kenyans furious on young lady aft...

A young Kenyan woman is the talk of town after she posted a photo with her elderly lover after a round of steamy sex, or so the photo suggested.  Read more...