Chase signs up 3,000 new accounts since re-opening in April

Chase Bank has opened 3,000 new accounts since it was re-opened under KCB’s management, the Kenya Deposit Insurance Corporation (KDIC) told MPs on Thursday.

Mr Mohamud Mohamud, the KDIC acting chief executive, told the National Assembly’s Finance, Planning and Trade committee that transactions worth over Sh6 billion have been channelled through the lender since it was re-opened on April 27.

The Central Bank of Kenya (CBK) put Chase Bank under receivership on April 7 following a run on the bank caused by adverse publicity triggered by revelation of huge undisclosed insider loans and resignation of two board members.

Mr Mohamud told MPs that deposits have surpassed withdrawals.

The committee, chaired by Ainamoi MP Benjamin Lang’at, had invited the KDIC management to provide a status report on Chase and Imperial banks that are under receivership. The KDIC team also gave MPs a brief on Dubai Bank which was placed under liquidation in August 2015.