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Chase Bank's receivership extended further

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Chase Bank's receivership extended further

The Central Bank of Kenya said Chase Bank (Kenya) Ltd.'s receivership has been further extended after a depositor in the troubled lender sought court approval to extend the receivership.

The central bank appointed the Kenya Deposit Insurance Corp. as receiver for Chase Bank for 12 months, beginning April 7, 2016. A year later, it extended the KDIC's appointment as receiver for a further six months.

However, a Chase Bank depositor filed an application in the Kenyan High Court to seek an extension of the troubled bank's receivership. The court decided to hear the application Nov. 14, effectively keeping Chase Bank in receivership until further orders from the court.