A chase bank branch.[Standard]
PhotoThe Kenya Commercial Bank of Kenya (KCB Group) is set to hand over Chase Bank under receivership to SBM Holdings Ltd.SBM.
SBM completed the acquisition of Chase Bank Kenya when the Central Bank of Kenya and the Kenya Deposit insurance corporation (KDIC) announced the receipt and acceptance of a Binding offer from it.
According to the Group’s CEO Joshua Oigara, they could not have bought Chase Bank since they were the managers handling the whole process.
“We are very happy to have been the first bank in curating another bank in Kenya. And we shall be handing over to SBM Holdings on 15th February 2018,” said Oigara on Friday.
“We did it for the sake of strengthening our financial sector, which is the purpose for the existence of large banks,” said Oigara.
The KCB Chief added that they were mandated with being referrals to any interested buyer thus they could not have been on the list of buyers.Chase Bank will be SBM’s second acquisition in East Africa after acquiring Fidelity Bank in May last year.