@BusinessDaily

SBM to rebrand Chase Bank ahead of August 20 opening

4 months ago, 12 July 11:39

By: Patrick Alushula

Mauritian lender SBM Group will complete the acquisition of certain assets and assumption of certain deposits of under receivership Chase Bank on August 17 and launch the rebranded branches three days later.

SBM Holdings Limited group CEO Andrew Bainbridge says that the acquisition will see it rebrand and open majority of Chase Bank branches and start serving customers on August 20. 

“It will move us from being a small bank in Kenya to being a mid-sized bank since it will significantly increase the size of balance sheet and physical presence,” said Mr Bainbridge.

He added: “We think this is a good vote of confidence and significant step forward in terms of our strategy of internationalizing beyond the borders of Mauritius.”

Kenya Commercial Bank #ticker:KCB which resumed Chase’s operations on the April 27, 2016, one month after the lender was put under receivership, says that it has completed its assignment and will hand over the bank to Central Bank of Kenya at the end of this month.

This follows CBK’s approval of the transfer of selected assets and liabilities of Chase Bank to SBM Bank Kenya Limited through the gazette notice number 6833 of July 6, 2018.

“This assignment gave us an opportunity to spearhead and guarantee the stability of the banking sector,” said KCB Chief Executive Joshua Oigara.


Read More


Category: business news opinion markets corporate economy lifestyle

Suggested

1 hour ago
@StandardMedia - By: Philip Mwakio
HR college launches mentorship programme

The 10-day programme valued at Sh7 million will kick off early next year. ...

Category: business news
1 hour ago
@StandardMedia - By: Moses Omusolo
Firm to build retirement homes

Senior citizens aged 60 years and over are set to benefit from custom-designed retirement homes following the completion of Kenya’s first model of ass ...

Category: business news
1 hours ago, 01:39
@StandardMedia - By: Paul Wafula
Mystery of Kebs staff being flown to Mombasa to release sugar they had blocked

KEBS employees responsible for impounding imported sugar in recent crackdown have been flying back to Mombasa to release it. ...

Category: business news
1 hours ago, 01:19
@StandardMedia - By: Steve Mkawale
Why Nakuru county is ripe for new investment

On investment, many business people believe that Nairobi, the capital city and the country’s commercial hub, is the place to be. ...

Category: business news
1 hour ago
@AfricaNews - By: Africanews
Nigeria: local tour operators promoting local sites | Africanews

Ikogosi is a town in south-western Nigeria near where visitors come to dip their feet in a confluence created by the meeting of warm and cold springs that flow next to each other. ...

Category: africa topnews news africa_business business
2 hours ago, 00:14
@StandardMedia - By: Frankline Sunday
Tech firms seek to reap billions from transaction data

With earnings from traditional business models leveling off, telecommunication service providers are now keen to explore new revenue streams. ...

Category: topnews news business

@BusinessDaily

SBM to rebrand Chase Bank ahead of August 20 opening

4 months ago, 12 July 11:39

By: Patrick Alushula

Mauritian lender SBM Group will complete the acquisition of certain assets and assumption of certain deposits of under receivership Chase Bank on August 17 and launch the rebranded branches three days later.

SBM Holdings Limited group CEO Andrew Bainbridge says that the acquisition will see it rebrand and open majority of Chase Bank branches and start serving customers on August 20. 

“It will move us from being a small bank in Kenya to being a mid-sized bank since it will significantly increase the size of balance sheet and physical presence,” said Mr Bainbridge.

He added: “We think this is a good vote of confidence and significant step forward in terms of our strategy of internationalizing beyond the borders of Mauritius.”

Kenya Commercial Bank #ticker:KCB which resumed Chase’s operations on the April 27, 2016, one month after the lender was put under receivership, says that it has completed its assignment and will hand over the bank to Central Bank of Kenya at the end of this month.

This follows CBK’s approval of the transfer of selected assets and liabilities of Chase Bank to SBM Bank Kenya Limited through the gazette notice number 6833 of July 6, 2018.

“This assignment gave us an opportunity to spearhead and guarantee the stability of the banking sector,” said KCB Chief Executive Joshua Oigara.


Read More

Category: business news opinion markets corporate economy lifestyle

Suggested

1 hour ago
@StandardMedia - By: Philip Mwakio
HR college launches mentorship programme

The 10-day programme valued at Sh7 million will kick off early next year. ...

Category: business news
1 hour ago
@StandardMedia - By: Moses Omusolo
Firm to build retirement homes

Senior citizens aged 60 years and over are set to benefit from custom-designed retirement homes following the completion of Kenya’s first model of ass ...

Category: business news
1 hours ago, 01:39
@StandardMedia - By: Paul Wafula
Mystery of Kebs staff being flown to Mombasa to release sugar they had blocked

KEBS employees responsible for impounding imported sugar in recent crackdown have been flying back to Mombasa to release it. ...

Category: business news
1 hours ago, 01:19
@StandardMedia - By: Steve Mkawale
Why Nakuru county is ripe for new investment

On investment, many business people believe that Nairobi, the capital city and the country’s commercial hub, is the place to be. ...

Category: business news
1 hour ago
@AfricaNews - By: Africanews
Nigeria: local tour operators promoting local sites | Africanews

Ikogosi is a town in south-western Nigeria near where visitors come to dip their feet in a confluence created by the meeting of warm and cold springs that flow next to each other. ...

Category: africa topnews news africa_business business
2 hours ago, 00:14
@StandardMedia - By: Frankline Sunday
Tech firms seek to reap billions from transaction data

With earnings from traditional business models leveling off, telecommunication service providers are now keen to explore new revenue streams. ...

Category: topnews news business
Our App