SBM Holdings aims to put Ksh.6bn into Chase Bank

SBM Holdings aims to put Ksh.6bn into Chase Bank
Customers stand outside a Chase Bank ATM shortly after the bank was placed under receivership

Mauritius’ SBM Holdings said on Tuesday it aimed to inject $60 million in capital to Kenya’s Chase Bank in a month’s time.

SBM Holdings Chairman Ki Chong Li Kwong Wing told a news conference the bank had already injected $26 million into Chase Bank, after signing an agreement on Monday to take over some of its assets.

The Central Bank of Kenya has been seeking a strategic investor for Chase, which had been under receivership since April 2016 after failing to meet its financial obligations.

The central bank said last week that it and state-run Kenya Deposit Insurance Corporation had signed an agreement with SBM Bank (Kenya) Limited for SBM to take over certain assets and deposits of Chase Bank, as first agreed in January.

The agreement is subject to approval from regulators in Mauritius and Kenya, Ki Chong Li Kwong Wing said.

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