SBM says it is ready to grant access to the remaining deposits once its acquisition of Chase Bank becomes effective, adding that this will depend on how fast regulators approve the transaction. About 3,100 affected depositors will be seeking to access the cash locked up at the lender. According to a schedule agreed to by the CBK and SBM, 25 per cent of the deposits will be available immediately Chase Bank starts operations under its new owner. The remaining money will be held in fixed deposit accounts earning a similar interest rate and will be paid out to depositors over three years. SBM, which earlier acquired full ownership of Kenya’s bottom-tier lender Fidelity Bank in 2016, plans to invest an additional $60 million (about Sh6 billion) in Chase Bank having already invested about $26 million (about Sh2.6 billion) in the lender.

Source: Daily Nation April 24, 2018 18:45 UTC