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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.