Chase Bank Kenya put in receivership after deposit run
"No bank can sustain pressure with everybody running out," he said.The bank -- ranked 11th of 42 Kenyan lenders last June with assets of 120 billion shillings -- then failed to meet its obligations, like clients' instructions for payments, prompting the central bank to put it into receivership.Njoroge said Chase Bank's shareholders had committed to raising funds to allow the bank to be re-opened soon and that the problems there were not as bad as that of another lender under receivership, Imperial Bank.Mid-sized Imperial Bank was taken over in October, two months after a smaller lender, Dubai Bank.The balance sheet clean-up had put Kenya's financial sector "in a much better position," Njoroge said.Chase Bank said on Wednesday its chairman, Zafrullah Khan, and group managing director, Duncan Kabui, had left, giving no reasons for their departure. Officials at the lender declined to comment.The central bank appointed the Kenya Deposit Insurance Corporation to assume the management of Chase, it said earlier.The African Development Bank, which last week agreed to lend Chase $50 million for onward lending but had not disbursed the funds, said the receivership would not stop it from supporting the sector."The African Development Bank remains confident about the stability of the financial sector in Kenya," its regional boss for East Africa, Gabriel Negatu, told Reuters.http://af.reuters.com/article/kenyaNews/idAFL5N17A0EE
The Law Society of Kenya has send a statement saying it has been greatly affected by the sudden placement of Chase bank under receivership.Central Bank of Kenya had earlier on Wednesday, April, 6 given the bank a clean bill of health, assuring customers that the lender was in a good financial position but turned around the next placed the bank under the Kenya Deposit Insurance Corporation (KDIC) for a period of one year."
https://tuko.co.ke/116600-chase-bank-law-society-of-kenya-regrets-not-withdrawing-its-cash-early-enough.html
Rafiki Bank Collapse Imminent, Move Your Money NOW!
"The collapse of Rafiki Bank a subsidiary of Chase Bank is next.Kenyans with accounts there should exercise precaution or follow the usual drill.Move fast now, and wipe out your accounts clean."
http://cnyakundi.com/2016/04/rafiki-bank-collapse-imminent-move-your-money-now/
