CBK calls for Chase Bank formal proposals

Business Daily Kenya: 

A Chase Bank branch in Nairobi. Photo/HELLEN MUTURI

Twelve investors who showed interested for equity in Chase Bank have been asked to submit their formal proposals by close of business on June 9 to the Central Bank of Kenya (CBK).

CBK investors were invited to present an initial Expression of Interest (EOI) for equity from the bank which is actually in receivership. The respondents which were received before April 21 comprised three Kenyan banks, four foreign banks, as well as several additional financial institutions as well as consortia.

Chase Bank was placed under receivership in April last year following mass withdrawals after “rumours” of its liquidity gained traction within social media forcing CBK to make the decision.

Following consultations between CBK as well as KCB, the latter took over management of the bank using a plan to fine-tune the modalities of its acquisition which seem to have matured.

Chase Bank has continued to undertake most of its transactions including foreign exchanges as well as issuing loans as the lender looks for a suitable suitor to turn around its fortunes.

CBK says the evaluation of the EOIs is actually today complete as well as a shortlist of qualifying investors was determined using appropriate as well as objective means. “Criteria based on, inter alia, regulatory imperatives as well as prudential guidelines which will ensure a speedy as well as optimal recovery for depositors, creditors as well as additional stakeholders of CBL,” said CBK in a statement.

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CBK calls for Chase Bank formal proposals

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