trending Market Intelligence /marketintelligence/en/news-insights/trending/cVBXFcPYmyj39ie5BbO67Q2 content
Log in to other products

Login to Market Intelligence Platform

 /


Looking for more?

Contact Us
In This List

Mauritius-based SBM Holdings makes nonbinding offer for Kenya's Chase Bank

Banking Essentials Newsletter - November Edition

University Essentials | COVID-19 Economic Outlook in Banking: Rates and Long-Term Expectations: Q&A with the Experts

Estimating Credit Losses Under COVID-19 and the Post-Crisis Recovery

StreetTalk – Episode 70: Banks' Liquidity Conundrum Could Fuel M&A Activity


Mauritius-based SBM Holdings makes nonbinding offer for Kenya's Chase Bank

The Central Bank of Kenya and Kenya Deposit Insurance Corp. said they received a nonbinding offer from Mauritius-based financial services group SBM Holdings Ltd. to acquire certain assets and matched liabilities belonging to Chase Bank (Kenya) Ltd.

The proposed transaction, subject to necessary due diligence and a binding contract, is expected to ensure substantial recovery for depositors of Chase Bank currently under moratorium and will entail the transfer of a substantial number of staff and branches of the lender. Chase Bank's depositors and shareholders have already expressed their support of the nonbinding offer, according to an Oct. 9 statement.

The central bank and the KDIC added that they view the nonbinding offer as a "viable proposal" for the substantial resolution of Chase Bank's receivership.

If agreed, the proposed transaction is expected to conclude by year-end.