Chase Bank resumes operations under new name – SBM Bank Kenya

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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.

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Thabo Mphahlele is the BizNis Africa Head of Sales and Marketing. Mphahlele was previously MultiChoice Production Support Analyst responsible for developing and monitoring applications. In addition, Mphahlele develops and automates batch scripts and is responsible for the daily infrastructure maintenance at MultiChoice. As a Production Support Analyst, he is responsible for incident analysis solving , developing and constructing business reports for SQL and Oracle and implement change controls for the business. Additional responsibility includes monitoring system performance via SOA, Kibaba (Elasticsearch), H.P BSM, HP Sitescope. Mphahlele is responsible for creating infrastructure performance reports through HP Ops Analytics, monitoring payments via Splunk and in-house built-in tool and disaster recovery simulation and testing. At Nashua Mobile, he was responsible for application development and enhancing the web sites At South West Gauteng College, he was the IT Technician and Network Administrator. During his tenure at Double Digit Media, he was he focused on application and web site development for new and existing clients Mphahlele contributes as a Content Manager for BizNis Africa.

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