The Central Bank of Kenya has today announced that it’s approved Kenya Commercial Bank’s (KCB) acquisition of a a majority stake in Chase Bank, a move which will enable Chase Bank to resume its operations on Wednesday April 27, 2016.
On Thursday April 7, the Central Bank put Chase Bank – which was licensed in 1996 – under receivership and appointed the Kenya Deposit Insurance Corporation (KDIC) as receiver for a period of twelve months.
With the re-opening of the bank on Thursday next week, both online and mobile banking services will also resume though clients will only be allowed to access up to Kshs 1 million of their deposits. Almost 168,000 of Chase Bank’s account holders (equivalent to 97% of the total account holders and who account for 6% of the deposits) will get their funds in full according.
Below is the Central Bank’s statement announcing the re-opening of Chase Bank: