@CapitalFMNews

Large Chase Bank depositors set to access their money from mid-August

4 days ago, 14:30

By: Correspondent

, NAIROBI, Kenya, Jul 12 – SBM Holdings Limited will complete the acquisition of select Chase Bank assets and deposits by August 17th, unlocking billions of shillings in customer deposits held at the bank after the lender was put under receivership in 2016.

Through its Kenyan subsidiary, SBM Kenya, the Mauritius-based financial services group will assume 75 per cent of the value of deposits under moratorium at Chase Bank.

SBM Kenya will also absorb all non-moratorium deposits at Chase Bank as wells as most branches and employees, with large depositors getting 50 per cent of their money immediately the transaction is finalized.

The remaining 50 per cent will be placed in interest-earning term deposits to be accessed equally over a period of three years

The bank collapsed with over Sh100 billion in customer deposits, but the receiver manager settled savings of customers that had deposits of up to Sh1 million.

Three per cent of Chase Bank clients had over Sh1 million in their accounts by the time the troubled lender was taken over by the Kenya Deposit Insurance Corporation.

SBM Group Chairman Kee Chong Li said the completion of the transaction will enable the SBM Group to grow inorganically, taking SBM Kenya from a tier 3 bank to a strong tier 2 bank within a year of its creation.

“It’s a moment of great pride for our Group, as this move will enable us to increase our market share on the Kenya market and allow us to grow from a small to a medium-sized bank. Our objective now is to unfold our capacity so that we can deliver to the best of our ability in the Kenyan market.

Meanwhile, KCB Bank Kenya is set to exit the management of Chase Bank at the end of this month following SBM Group’s winning bid to take over Chase Bank.

KCB Kenya had been retained by KDIC as receiver-manager of Chase Bank.


Read More


Category: business finance

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@CapitalFMNews

Large Chase Bank depositors set to access their money from mid-August

4 days ago, 14:30

By: Correspondent

, NAIROBI, Kenya, Jul 12 – SBM Holdings Limited will complete the acquisition of select Chase Bank assets and deposits by August 17th, unlocking billions of shillings in customer deposits held at the bank after the lender was put under receivership in 2016.

Through its Kenyan subsidiary, SBM Kenya, the Mauritius-based financial services group will assume 75 per cent of the value of deposits under moratorium at Chase Bank.

SBM Kenya will also absorb all non-moratorium deposits at Chase Bank as wells as most branches and employees, with large depositors getting 50 per cent of their money immediately the transaction is finalized.

The remaining 50 per cent will be placed in interest-earning term deposits to be accessed equally over a period of three years

The bank collapsed with over Sh100 billion in customer deposits, but the receiver manager settled savings of customers that had deposits of up to Sh1 million.

Three per cent of Chase Bank clients had over Sh1 million in their accounts by the time the troubled lender was taken over by the Kenya Deposit Insurance Corporation.

SBM Group Chairman Kee Chong Li said the completion of the transaction will enable the SBM Group to grow inorganically, taking SBM Kenya from a tier 3 bank to a strong tier 2 bank within a year of its creation.

“It’s a moment of great pride for our Group, as this move will enable us to increase our market share on the Kenya market and allow us to grow from a small to a medium-sized bank. Our objective now is to unfold our capacity so that we can deliver to the best of our ability in the Kenyan market.

Meanwhile, KCB Bank Kenya is set to exit the management of Chase Bank at the end of this month following SBM Group’s winning bid to take over Chase Bank.

KCB Kenya had been retained by KDIC as receiver-manager of Chase Bank.


Read More

Category: business finance

Suggested

13 hours ago, 17:41
@DailyNation - By: Constant Munda
Kenya's exports to Tanzania up 28.5pc in first five months

Exports to Tanzania rose by the highest margin, outpacing other top buyers of Kenya’s goods in the first five months of the year. ...

Category: business news
13 hours ago, 17:36
@BusinessDaily - By: Timothy Odinga
Chinese goods push Kenya’s May import bill to a record high

China was the largest exporter to Kenya in May, shipping in goods valued at Sh48 billion or 29 per cent of the total imports. ...

Category: business news corporate lifestyle economy
13 hours ago, 17:41
@DailyNation - By: Paul Redfern
Boom for Kenyan avocado farmers as California drought bites

Kenyan farmers could benefit from a sharp rise in the price of avocados on the international market in the coming weeks because of a shortfall in production in California, the leading US exporter. ...

Category: business news
15 hours ago, 16:01
@BusinessDaily - By: Sri Bharatam
Why you shouldn’t let emotion crowd out your intelligence

Maturity is not when we talk big things, but when we understand small things. ...

Category: business corporate news
15 hours ago, 16:01
@BusinessDaily - By: Gitonga Marete
Youths pioneer thriving shoe making venture

Traders at Gakoromone market specialise in different roles such as design, cutting leather and joining it to make the product. ...

Category: business corporate news
13 hours ago, 17:42
@BusinessDaily - By: Edwin Mutai
Senate snub costs Mvurya Sh200,000

A Senate committee has slapped a Sh200,000 fine on Kwale governor Salim Mvurya for snubbing invitations to appear before it to respond to questions raised by Auditor-General Edward Ouko. ...

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