[ad_1]
NAIROBI, KENYA : Chase Bank closed ten branches across the country following the ongoing recovery of some of its badets by the State Bank of Mauritius (SBM).
The Chase Bank badet purchase agreement will be concluded on August 17 after the Treasury and the Central Bank gave it a clean bill in the middle of this month.
ALSO READ:
Why the Chase Bank buyout agreement worries existing depositors
Andrew Bainbridge, CEO of SBM Holdings Ltd. said the lender will take the majority of Chase Bank branches, IT infrastructure, will provide new terms of service to employees and will carry a substantial portion of the loan book.
"By August, we will have more than 60 branches, 800 employees and we will become a medium-sized lender," said Andrew Bainbridge, CEO of SBM Holdings Ltd. Group.
Affected branches include Kisumu xpress located at Naivas Supermarket, Delta Branch located at PWC, City Center Branch located in Prudential Building, Garisa located at Lilac Center, Kayole Branch at Shujaa Mall and Eastleigh Branch at Sunrise Mall.
Other affected branches include Pangani xpress at Libya Oil, Parklands at Medi Plaza
Stay informed while on the move by subscribing to Standard Group's SMS service. Text the word "NEWS" to 22840.
The statement did not specify the fate of employees working in closed branches.
The Central Bank of Kenya placed Chase Bank under court administration early in 2016 due to liquidity problems. The regulator noted that the bank had experienced cash difficulties as a result of "inaccurate" social media reports and the resignation of two of its directors. The bank was not able to meet its financial obligations on April 6, 2016.
Would you like to be published on Standard Media's websites? You can now send us news, article ideas, articles of interest or interesting videos on:
[ad_2]
Source link
