SBM Bank wants the High Court to suspend a ruling delivered allowing shareholders of FCB to pursue compensation of Sh2.5 billion. FILE PHOTO | WACHIRA MWANGI | NMG
SBM Holdings in January received a similar nod from Kenya banking regulator, the Central Bank of Kenya and the Competition Authority of Kenya.
Mauritian lender SBM Holdings has received the Common Market for Eastern and Southern Africa (Comesa) Competition Commission greenlight to take over the troubled Chase Bank.
SBM Holdings in January received a similar nod from Kenya banking regulator, the Central Bank of Kenya and the Competition Authority of Kenya.
The regional trading bloc’s competition watchdog said in a letter dated October 5 that the takeover would not skew competition in the regional market. It also noted the takeover would come to the aid of ailing Chase bank, which could have collapsed in the absence of the merger.
“The committee responsible for initial determination (referred only as CID) observed that the merging parties had individually low market shares in the relevant markets,” said the agency.
“The CID determined that the merger was not likely to substantially lessen competition in the common market and is compatible with the Comesa treaty objective of full market integration.”
Chase Bank was placed under receivership in April 2016 following a run on deposits after reports of liquidity problems spread online.
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