Friday, March 29, 2024

SBM Bank officially takes over Chase Bank, set to list on NSE

Chase Bank is now officially State Bank of Mauritius (SBM). Marking its entry into Kenya, the Mauritius-based lender SBM Bank is now considering listing its Kenyan unit on the Nairobi Securities Exchange (NSE) in a plan that is expected to secure its foothold and consolidate expansion of its business in the region.

SBM bank chairman, Kee Chong Li Kwong Wing, said the lender plans to list at the Nairobi bourse after stabilising its operations over a three-year period.

“We have taken Chase Bank in a weak and turbulent state. Our immediate priority is to bring it back to its peak state when it had a balance sheet of about $1.5 billion (about Sh151.2 billion) and from there together with our new strategy to double the size of SBM Kenya within three to five months…We plan to list SBM Bank Kenya at the Nairobi Securities Exchange in future,” said Mr Li Monday when the Mauritian lender officially kicked off operations in Kenya as SBM Bank Kenya after its Chase Bank takeover.

SBM now boasts over 50 branches, 150,000 customers and a balance sheet size just shy of Sh100 billion, according to SBM Holdings CEO (India and East Africa) Moses Harding.

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