Kenya: CBK Seeks Investors to Acquire Commercial Bank

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The Central Bank of Kenya (CBK) is inviting an initial Expression of Interest (EOI) from investors interested in an equity stake in Chase Bank Kenya Limited.

The bank was put under receivership of the Kenya Deposit Insurance Corporation (KDIC) in April 2016 after reports of liquidity problems that spread online led to a run on deposits.

It was re-opened shortly after with reduced operations under the management of the Kenya Commercial Bank (KCB)

Chase Bank was a once rapidly growing commercial bank with 62 branches across Kenya.

“A shortlist of qualifying investors will be granted access to a comprehensive confidential data room to develop a formal proposal to acquire Chase Bank,” the CBK said in a statement.

Investors will be shortlisted after a fair process based on appropriate and objective criteria.

It is hoped that an investor will be identified by the first half of 2017 to ensure a quick and optimal recovery for depositors, creditors and other stakeholders of Chase Bank Kenya.

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