Chase Bank goes into receivership

7 April 2016

Chase Bank has been placed into receivership for the next 12 months by CBK (Central Bank of Kenya) due to ‘unsafe financial conditions.’


CBK said in a statement, “The Central Bank of Kenya has today Thursday appointed Kenya Deposit Insurance Corporation (KDIC) as the receiver manager for Chase Bank Limited for a period of twelve months, pursuant to the provisions of Sections  43 (1), 43(2) and (53)1 of the Kenya Deposit Insurance Act, 2012.”


Chase Bank had been unable to meet its liabilities since two directors stepped down amid “inaccurate social media reports”. KDIC will take over responsibility of the bank over the next year while exploring suitable resolutions for the business. 
 
Company Rescue has no knowledge on the system of receivership in Kenya so please contact KDIC if you have any queries or would like more information. 


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