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Report: KCB Group open to deals in Kenya, but won't comment on Chase Bank


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According to Market Intelligence, April 2023

Report: KCB Group open to deals in Kenya, but won't comment on Chase Bank

KCB GroupLtd. said April 11 that it is open to consolidation in the Kenyanbanking sector, but has not specified any plans, Reuters reported April 11.

The bank made a statement to Reuters following speculationthat it could be interested in buying ChaseBank (Kenya) Ltd. after it was placed in receivership.

"We continue to pursue various options andopportunities and cannot specifically discuss a particular entity," KCB said.

According to an April 11 report in Business Daily Africa, several Kenyan banks are in the frame toacquire Chase Bank, with KCB said to be the frontrunner. , ,I&M Bank and investment company Centum are reportedly also among the suitors.

Meanwhile, Central Bank of Kenya said April 10 that it will offer acredit facility, effective April 11, to any lender facing liquidity pressures "arisingfrom no fault of its own."

As much as eight billion Kenyan shillings' worth ofdepositor funds were withdrawn from Chase Bank on April 6, after the chairmanand managing director resigned.

As of April 8, US$1was equivalent to 101.20 Kenyan shillings.