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Foreign lenders seek to block Chase Bank sale over Sh1.1bn debt

Chase Bank on Mama Ngina Street in Nairobi on April 7,2016, shortly after it was placed under statutory management. file photo | nmg

By  GALGALLO FAYO

Two foreign banks are in the High Court seeking to stop Mauritius lender SBM Holdings from acquiring Chase Bank over a Sh1.1 billion debt.

United Bank Limited (UBL) of Dubai and its London-registered subsidiary United National Bank Limited (UNBL) claim that Chase Bank owes them the money in favour of two separate letters of credit they issued on its behalf in 2015 and 2016, a few months before it was placed under receivership.

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