Chase Bank to be acquired by March 2017 – CBK

Central Bank of Kenya Governor Patrick Njoroge says more local and international suitors have expressed interest/FILE

, NAIROBI, Kenya, Nov 29 – The race for acquisition of Chase Bank has gathered pace as the regulator plans to complete it by March 2017.

Central Bank of Kenya Governor Patrick Njoroge says more local and international suitors have expressed interest.

Earlier the ‘Relationship Bank’ had over eight suitors among them Kenya Commercial Bank (KCB).

“I cannot tell you how many more suitors we have received, we are reviewing every one of them, we are hoping to finalise it by the first quarter of 2017,” he stated.

Chase Bank was placed under receivership in April 2016 following mass withdrawals after rumours of its liquidity gained traction.

KCB later took over management of the bank with a plan to fine tune the modalities of acquisition.

So far Chase Bank has been allowed to do all transactions including foreign exchanges and issuing loans.

The bank’s new customers hit 13,000 as at last week, signalling confidence in the institution.

KENNEDY KANGETHE :Kennedy is a Bachelor of Arts in Communication graduate from St. Paul's University and has been writing for the Capital FM Business Desk since 2013, Besides business news, he enjoys traveling, public speaking and singing