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KCB chase Chase Bank after contract termination as CBK looks for prospective bidders.

KCB chase Chase bank after contract terminated. PHOTO | Courtesy

Chase bank is in trouble once more after the agreement between the CBK and KCB ended. The bank which was placed under receivership and later taken by KCB for a certain period is now back in its chaotic condition.

Chase Bank customers will have to wait until September to access their funds still locked in the bank as KCB ended the contract. This after the Central Bank of Kenya (CBK) and the Kenya Deposit Insurance Corporation (KDIC) extended the receivership period by six months as begins the search for a new strategic investor. These steps were taken to enable the bank get back to its normal conditions.

“Following the receipt and evaluation of EOIs, a shortlist of qualifying investors (“Shortlisted Investors”) will be granted access to a comprehensive confidentia“The Bank has continued to operate and grow deposits from the date of receivership,” the central bank said in an Expression of Interest to investors. data room to develop a formal proposal to acquire Chase Bank (Kenya) Limited,” the bank said in a statement.

Prospective bidders will have until April 21 to show interest in acquiring the bank. The central bank has not made it clear what percentage of the  bank will be up for sale.

“The Bank has continued to operate and grow deposits from the date of receivership,” the CBK official said.

The CBK has given its banking prospective processes of curbing losses in the Banking sector following several banking liquidated and customers walked home empty handed. Some of the Banks that placed under recievership include Dubai Bank (August 2015- Closed) and Emperial Bank (Receivership).

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