After two weeks of worry and confusion on what to do, Chase bank Limited customers have a reason to smile again following an announcement by Central Bank of Kenya that the bank will reopen next week on Wednesday April 27.
This is as a result of a mutual understanding by the Kenya Deposits Insurance Corporation and Kenya Commercial Bank by the support of the central bank which will see KCB assisting in the receivership of CBL as a manager.
— Chifu Tamurai (@briantamurai) April 20, 2016
In this regards, it is expected that CBK and KCB will ensure chase bank
(In receivership) has enough liquidity for its operations, that KCB will create a management team that will assist in the receivership and finally collateralization of existing loans that will see funds obtained irregularly recovered
Once the branches have been reopened, the customers will have immediate access to their deposits in which upto 97 percent of the account holders will have their money ready.
Accounts with more than a million shillings will have their cash made available in a structured manner, details will be released soon.
However the suspension on payments to creditors and lenders remain in place.
More to follow…