CBK has approved the liquidation of Chase Bank citing a weakened financial position. In a statement on Friday, CBK governor Patrick Njoroge said Kenya Deposit Insurance Corporation will execute the liquidation process. The former Chase Bank Kenya chairman Zafrullah Khan awarded himself a three-year consultancy contract for unspecified projects in the bank, 16 months before it collapsed on April 7, 2016. In 2018, the Central Bank of Kenya accepted a binding offer from the SBM holdings that will cover a portion of the assets and liabilities of Chase bank. The bank which boasts of assets in excess of $4 billion (Sh412 billion) entered Kenya by taking over Fidelity bank in May 2017.

Source: The Star April 16, 2021 09:22 UTC