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Ex-Chase Bank director heads State enterprise financier KIE

Mr  Parmain ole Narikae, the new Kenya Industrial  Estates CEO. PHOTO | ROBERT NGUGI
Mr Parmain ole Narikae, the new Kenya Industrial Estates CEO. PHOTO | ROBERT NGUGI 

A former top executive director of the troubled Chase Bank, now under joint management of the deposit insurer and KCB, is at the helm of a key State enterprise financier only months after turbulence stalled the lender.

Industrialisation secretary Adan Mohamed a few months back appointed Parmain ole Narikae the chief executive officer of the Kenya Industrial Estates (KIE).

Mr Narikae, who also doubles as a board member at the multibillion-shilling Unclaimed Financial Assets Authority, was the director of external and regulatory affairs at Chase Bank when it went bust early this year.

The second-tier bank re-opened in late April after it was unexpectedly placed under receivership by the Central Bank of Kenya (CBK) on April 7 owing to liquidity problems created by a run on its deposits.