Mauritian lender SBM Group will complete the acquisition of certain assets and assumption of certain deposits of under receivership Chase Bank on August 17 and launch the rebranded branches three days later.
SBM Holdings Limited group CEO Andrew Bainbridge says that the acquisition will see it rebrand and open majority of Chase Bank branches and start serving customers on August 20.
“It will move us from being a small bank in Kenya to being a mid-sized bank since it will significantly increase the size of balance sheet and physical presence,” said Mr Bainbridge.
He added: “We think this is a good vote of confidence and significant step forward in terms of our strategy of internationalizing beyond the borders of Mauritius.”
Kenya Commercial Bank #ticker:KCB which resumed Chase’s operations on the April 27, 2016, one month after the lender was put under receivership, says that it has completed its assignment and will hand over the bank to Central Bank of Kenya at the end of this month.
This follows CBK’s approval of the transfer of selected assets and liabilities of Chase Bank to SBM Bank Kenya Limited through the gazette notice number 6833 of July 6, 2018.
“This assignment gave us an opportunity to spearhead and guarantee the stability of the banking sector,” said KCB Chief Executive Joshua Oigara.