New Mauritian owner to take over Chase Bank branches on August 20
4 months ago, 13 July 00:09
Funds locked up at Chase Bank over the last two-and-a-half years will be available at the rebranded State Bank of Mauritius counters on August 20.
The deal to buy Chase Bank assets will be concluded on August 17 after Treasury and Central Bank gave it a clean bill last week.
"By August we will have over 60 branches, 800 employees and we will become a mid-sized lender," said SBM Holdings Group Chief Executive Andrew Bainbridge.
Yesterday, Kenya Commercial Bank said it had completed its assignment as the receiver manager for Chase Bank as appointed by Kenya Deposit Insurance Corporation.
Mr Bainbridge said the lender will take the majority of Chase Bank branches, IT infrastructure, offer employees new terms of service and carry a "substantial portion of the loan book".
As per the terms of the transaction, 50 per cent of the non-moratorium deposits will be available upon completion of the transaction through current and savings accounts.
The remaining 50 per cent will be placed in interest-earning term deposits to be accessed equally over a period of three years.
Mr Bainbridge said the bank notified Common Market for Eastern and Southern Africa competition regulator in January, despite reports to the contrary.
Category: business news