Potential Buyers of Kenya’s Chase Bank Seek Additional Time to Submit Bid

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A number of interested investors looking to acquire Chase Bank have reached out to the Kenyan authorities seeking additional time to study the Bank’s books before tabling an offer.

The sale of the Bank, according to the Kenya Central Bank, was expected to be concluded in September this year. A deadline of June was set for the submission of bids.

But the Central Bank of Kenya (CBK) governor Patrick Njoroge revealed on Tuesday that the date might have to be reviewed as prospective investors have requested time to put their bid together.

“They (the shortlisted bidders) asked for more time. The deadline for that was June 9. That’s the timing we gave them, but actually they asked for more time (and) we gave them until June 19,” said Njoroge.

A report by Business Daily Africa suggests that Societe Generale, the third largest bank in France, and SBM Holdings, a Mauritius-headquartered investment firm, are amongst the front runners of interested investors. Others mentioned are KCB Group, I&M Bank and Stanbic Bank.

 

 

 

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