Kenya’s Chase Bank finally acquired
After two years in receivership, Mauritius’s SBM acquired 75% of deposits under moratorium
One of Kenya’s troubled banks has finally been saved from receivership by Mauritian bank SBM Bank, two years after it collapsed.
The Central Bank of Kenya announced SBM had acquired 75% of the value of deposits currently under moratorium at the commercial bank. The remaining 25% will remain at Chase Bank.
The “majority” of staff will also be transferred, the central bank said in a statement issued on April 17.
According to the terms of the transfer, “25% of each transferred deposit is to be
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