Chase Bank is set to reopen on Wednesday next week. This is after the Kenya Commercial Bank (KCB) entered into an understanding with CBK to acquire a majority stake in the fallen lender.
Although Central Bank of Kenya (CBK) was not immediately clear on whether KCB had acquired Chase Bank, it noted that an agreement on the eventual acquisition of the bank by KCB had been reached.
“[The regulators] has today reached understandings with the KCB Bank Kenya Ltd (KCB) on modalities to reopen Chase Bank Ltd) in the next few days and the eventual acquisition of a majority stake in the bank,” said the Central Bank of Kenya (CBK) in a statement. “All Chase Bank Ltd (In Receivership) branches will open by Wednesday, April 27, 2016. The online and mobile banking services will also become available. However, branches may initially offer limited banking services.”
Chase Bank customers will have immediate access to their deposits up to a maximum of Sh1 million.
