RECEIPT AND ACCEPTANCE OF A BINDING OFFER FROM SBM HOLDINGS LIMITED (SBM) WITH RESPECT TO CHASE BANK (KENYA) LIMITED (IN RECEIVERSHIP) (CBLR)

RECEIPT AND ACCEPTANCE OF A BINDING OFFER FROM SBM HOLDINGS LIMITED (SBM) WITH RESPECT TO CHASE BANK (KENYA) LIMITED (IN RECEIVERSHIP) (CBLR)
Press Releases  |  
Fri, 05 Jan 2018

Central Bank of Kenya (CBK) and Kenya Deposit Insurance Corporation (KDIC) announce the receipt and acceptance of a Binding Offer from SBM Holdings Limited (SBM) with respect to Chase Bank (Kenya) Limited (In Receivership) (CBLR).

The Binding Offer, accepted on 4 January 2018, includes the acquisition of certain assets and matched liabilities from CBLR. This Binding Offer is similar to the Non-Binding Offer that was discussed with depositors on October 6, 2017. The offer still needs to be executed and operationalised, and it is expected that this transaction will inter alia ensure the transfer of 75 percent of the value of deposits currently under moratorium and the transfer of staff and branches of the existing CBLR operations.

Please find the press release from Central Bank of Kenya (CBK) and Kenya Deposit Insurance Corporation (KDIC) here