Mauritius-based SBM Holdings Limited through SBM Bank (Kenya) Limited has finalised the transaction to obtain carved out assets and assumption of specific liabilities of Chase Bank Kenya.
This is according to a joint statement from SBM Bank Kenya and the Kenya Deposit Insurance Corporation (KDIC).
SBM Bank Kenya has obtained liabilities which include 75% of deposits under moratorium and 100% non-moratorium deposits. The assets the bank has acquired include loans, some branches, staff, systems, and liquid assets.
The Central Bank of Kenya (CBK) placed Chase Bank Limited in receivership on 7 April 2016 and the KDIC subsequently appointed Kenya Commercial Bank (KCB) as the receiver manager.
“The transition process will be completed on Friday the 17th August 2018 in line with the CBK Gazette notice. On completion of the transition period, the combined entity will open its doors on Monday the 20th August 2018 offering full banking operations.”
KCB will remain a part of the transaction team until the final handover is completed on 17 August 2018.
“The conclusion of the transaction and the handing over of a large portion of CBLR to SBM Bank (Kenya) Ltd will have a positive impact on the financial sector. Customers will have access to new and refreshed banking services offered by SBM Bank (Kenya) Ltd,” concludes the joint statement.