ACQUISITION OF CERTAIN ASSETS AND ASSUMPTION OF CERTAIN LIABILITIES OF CHASE BANK (KENYA) LIMITED (IN RECEIVERSHIP) BY SBM BANK (KENYA) LIMITED

ACQUISITION OF CERTAIN ASSETS AND ASSUMPTION OF CERTAIN LIABILITIES OF CHASE BANK (KENYA) LIMITED (IN RECEIVERSHIP) BY SBM BANK (KENYA) LIMITED
Press Releases  |  
Fri, 06 Jul 2018

The Central Bank of Kenya (CBK) announces that SBM Bank (Kenya) Limited (SBM Kenya) has commenced the acquisition of certain assets and assumption of certain liabilities of Chase Bank (Kenya) Limited (In Receivership) (CBLR), in line with the announcement of April 17, 2018. SBM Kenya is a wholly owned subsidiary of SBM Holdings Limited of Mauritius. This follows CBK’s approval on June 13, 2018, for SBM Kenya to acquire certain assets and liabilities of CBLR as provided under Section 9 of the Banking Act and under the Central Bank Prudential Guidelines. Subsequently, approval was granted by the Cabinet Secretary, National Treasury on June 28, 2018, as provided under Section 9 of the Banking Act. The acquisition and assumption process will be completed on August 17, 2018. SBM Kenya will assume 75 percent of the value of deposits under moratorium at CBLR, all non-moratorium deposits at CBLR, and will take-up over majority of CBLR branches and employees. The remaining 25 percent of the value of moratoriumdeposits along with other assets and liabilities remains in CBLR

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