@BusinessDaily

Chase customers brace for three-day outage in switch to SBM

3 months ago, 15 Aug 17:32

By: Ivy Nyayieka

Chase Bank has alerted its clients of a looming service shut-down as the lender transitions into SBM Bank.

Operations will remain closed from tomorrow when Mauritian lender SBM Group is expected to complete the acquisition of Chase Bank, which is under receivership. “Due to ongoing transition from Chase Bank to SBM Bank, all our operations remain closed on August 17-19.

“Services will resume on Monday, August 20,” said yesterday the lender in an alert to customers.

The takeover has seen Chase Bank close some of its branches but the majority will be rebranded and re-launched on August 20.

In July, Chase Bank informed its customers that in view of the acquisition of certain assets, 10 branches including Kisumu Xpress, Pangani Xpress, Medi Plaza and Delta Branch in Nairobi would be closed.

The lender collapsed in 2016 with more than Sh100 billion in deposits. Some depositors received part of the deposits while it was under the care of the Central Bank of Kenya (CBK).

The CBK and the Treasury approved Chase Bank acquisition in June.

SBM entered the Kenyan market in 2016 after acquiring Fidelity Bank, which it rebranded to SBM Kenya in May 2017.

The new owners notified former Chase Bank subsidiary Rafiki Microfinance customers last week that they may delay issuing their cheques by up to 21 days.


Read More


Category: business news corporate

Suggested

3 hours ago, 16:13
@CapitalFMNews - By: Agence France Pres ...
China ups cash rewards for citizens who report porn

Beijing, China, Nov 16 - China is raising the cash rewards paid to citizens for reporting pornographic and "illegal" publications to authorities, Kenya breaking news | Kenya news today | ...

Category: business
3 hours ago, 15:29
@StandardMedia - By: Valentine Kondo
CBK upholds fines on five commercial lenders over NYS scandal

Central bank has upheld fines it slapped on five commercial lenders in September over suspicious transactions linked to NYS scam. ...

Category: business news
8 hours ago, 10:34
@BusinessDaily - By: Winnie Wangui
Creamy Lamb Dish for a Cold Evening

There is a new hotel on Kandara Road, Kileleshwa, Nairobi, which has been open for about four months now. ...

Category: business news
7 hours ago, 12:17
@StandardMedia - By: Afp
Swimming pool painting earns artist Sh9b

The previous record was held by Jeff Koons and his ...

Category: business news
8 hours ago, 10:37
@BusinessDaily - By: Diana Mwango
Buffalo Milk, Anyone?

If you have lactose intolerance or irritable bowel syndrome, you don't have to avoid the buffalo mozarella ...

Category: business news
2 hours ago, 16:56
@BusinessDaily - By: James Kariuki
Govt extends forest logging ban by a year

Environment Secretary Keriako Tobiko says the extension of the ban would facilitate the rehabilitation of forests. ...

Category: business lifestyle news

@BusinessDaily

Chase customers brace for three-day outage in switch to SBM

3 months ago, 15 Aug 17:32

By: Ivy Nyayieka

Chase Bank has alerted its clients of a looming service shut-down as the lender transitions into SBM Bank.

Operations will remain closed from tomorrow when Mauritian lender SBM Group is expected to complete the acquisition of Chase Bank, which is under receivership. “Due to ongoing transition from Chase Bank to SBM Bank, all our operations remain closed on August 17-19.

“Services will resume on Monday, August 20,” said yesterday the lender in an alert to customers.

The takeover has seen Chase Bank close some of its branches but the majority will be rebranded and re-launched on August 20.

In July, Chase Bank informed its customers that in view of the acquisition of certain assets, 10 branches including Kisumu Xpress, Pangani Xpress, Medi Plaza and Delta Branch in Nairobi would be closed.

The lender collapsed in 2016 with more than Sh100 billion in deposits. Some depositors received part of the deposits while it was under the care of the Central Bank of Kenya (CBK).

The CBK and the Treasury approved Chase Bank acquisition in June.

SBM entered the Kenyan market in 2016 after acquiring Fidelity Bank, which it rebranded to SBM Kenya in May 2017.

The new owners notified former Chase Bank subsidiary Rafiki Microfinance customers last week that they may delay issuing their cheques by up to 21 days.


Read More

Category: business news corporate

Suggested

3 hours ago, 16:13
@CapitalFMNews - By: Agence France Pres ...
China ups cash rewards for citizens who report porn

Beijing, China, Nov 16 - China is raising the cash rewards paid to citizens for reporting pornographic and "illegal" publications to authorities, Kenya breaking news | Kenya news today | ...

Category: business
3 hours ago, 15:29
@StandardMedia - By: Valentine Kondo
CBK upholds fines on five commercial lenders over NYS scandal

Central bank has upheld fines it slapped on five commercial lenders in September over suspicious transactions linked to NYS scam. ...

Category: business news
8 hours ago, 10:34
@BusinessDaily - By: Winnie Wangui
Creamy Lamb Dish for a Cold Evening

There is a new hotel on Kandara Road, Kileleshwa, Nairobi, which has been open for about four months now. ...

Category: business news
7 hours ago, 12:17
@StandardMedia - By: Afp
Swimming pool painting earns artist Sh9b

The previous record was held by Jeff Koons and his ...

Category: business news
8 hours ago, 10:37
@BusinessDaily - By: Diana Mwango
Buffalo Milk, Anyone?

If you have lactose intolerance or irritable bowel syndrome, you don't have to avoid the buffalo mozarella ...

Category: business news
2 hours ago, 16:56
@BusinessDaily - By: James Kariuki
Govt extends forest logging ban by a year

Environment Secretary Keriako Tobiko says the extension of the ban would facilitate the rehabilitation of forests. ...

Category: business lifestyle news
Our App