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The State Bank of Mauritius (SBM) Bank Holdings Ltd is to complete the acquisition of Chase Bank Kenya Ltd (Receiver) (CBLR) on August 17, and then begin rebranding.
Following the acquisition, clients whose He remained locked in Chase Bank during the last two and a half years will be able to access rebels renamed SBM Bank Kenya on August 20.
Andrew Bainbridge, CEO of SBM Holdings Ltd, said that in August, the bank will have more than 60 branches, 800 employees and become a medium-sized lender. The lender, he said, would take over the majority of Chase Bank's IT infrastructure, offer employees new terms of service, and carry a "substantial portion of the loan portfolio"
. ), SBM Bank Kenya was to badume 75% of the value of the moratorium deposits at CBLR, all non-moratorium deposits at CBLR and will absorb the majority of the CBLR branches and employees. KCB Bank Kenya had been appointed to manage Chase Bank Ltd (Receivership) as receiver-manager of the Kenya Deposit Insurance Corporation (KDIC) with the aim of having a framework that would allow the bank to manage deposits arriving at maturity, take new deposits new loan and while performing due diligence on Chase Bank. This decision comes as the Kenya Commercial Bank of Kenya Ltd. announced that it would hand over to Chase Bank Ltd. (In Receivership) at CBK by the end of the month after managing it for nearly two years. years
CBK accepted the offer of SBM Holdings. he won the call for bids against 12 short-listed competitors, including Kenya's third-party banks, who viewed Chase Bank as a recoverable and lucrative financial institution for the small and medium-sized enterprise (SME) market.
Second Acquisition [19659002] This is the second acquisition of SBM Holdings in East Africa after the Fidelity Bank acquisition last May.
"This historic transaction will allow the SBM Group to make SBM Kenya a third-party bank at a second-tier bank within one year of its creation," said SBM Group President Kee Chong Li Kwong Wing. He said this decision was also in line with the group's internationalization strategy to have a greater regional presence, taking its place beyond Mauritius in the Asia-Africa corridor. KCB Group CEO Joshua Oigara said the new development confirmed the ability of the Kenyan banking sector to effectively deploy globally referenced solutions.
Binding Offer
"The transfer marks an important step in the prudent management and successful resolution of a local bank in receivership, following the receipt and acceptance of 39, a firm offer of CBLR by the regulators, "he said
Chase Bank went into receivership when it failed to meet its financial obligations. The Deposit Insurance Corporation of Kenya has been appointed Director-Receiver.
SBM Holdings Ltd is the third largest publicly traded company in Mauritius and had an badet base of more than $ 5.6 billion (564 billion shillings) in December. last year.
He has operations in India, Madagascar and Kenya. It owns the second largest commercial bank in Mauritius (SBM Bank Holdings Ltd).
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