Chase Bank customers can now breathe easy after the Central Bank of Kenya governor Dr Patrick Njoroge announced it would resume operations on Wednesday next week.
According to a press statement by the Governor on Wednesday, customers can access withdrawals of up to Sh1 million across all its outlets as from Wednesday.
“Chase Bank customers will have immediate access to their deposits up to a maximum of Sh1 million. On this basis, 167,290 accounts (equivalent to 97 per cent of accounts or 6 per cent of total deposits) will have their funds available in full. Any new deposits will thereafter be immediately available,” read part of the statement.
The CBK boss also announced that the Chase Bank has been put under supervision of the Kenya Commercial Bank.
This follows an agreement with Kenya Insurance Deposit Corporation with KCB on modalities to be followed in reopening of the bank.
Chase Bank was put under receivership three weeks ago after discovery that its financial situation became worse.