Chase Bank set to re-open next week under KCB management

Chase Bank set to re-open next week under KCB management

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Customers at Chase Bank on Moi Avenue, Mombasa,wen the bank was put under receivership. PHOTO: COURTESY.

Nairobi,KENYA: Chase Bank is set to reopen next Wednesday April 27th this is after the Central Bank of Kenya agreed with Kenya Commercial Bank (KCB) to provide adequate liquidity for the banks operations.

In a presser on Wednesday, CBK governor Patrick Njoroge said that customers will have immediate access of up to KSh 1 million.

KCB is set to take over management  of the bank but the Independent Kenya Deposit Insurance Corporation will still be in charge in line with the law.

“All Chase Bank Ltd (in receivership) branches will open by Wednesday, April 27, 2016. The online and mobile banking services will also become available. However, branches may initially offer limited banking services,” CBK said in a statement.

At least 167,290 accounts, equivalent to 97% of accounts, are expected to  have their funds available in full.

CBK and the Kenya Deposit Insurance Corporation reached an understanding with  KCB on modalities to reopen the bank put under receivership and a possible acquisition of a majority stake in it.

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Chase Bank employees have been asked to report back to work immediately  awaiting  announcement of new structures within the institution.

Chase Bank was put under receivership early this month following panic withdrawals from the customers of up to KSh 1 billion within a single day.