The Central Bank stepped in and shut the lender’s doors, hitting more than 50,000 depositors who had nearly Sh100 billion at the bank. A year earlier, Chase Bank was a glittering organisation, with innovations that successfully targeted the youth and SMEs. And as KCB now hands over the bank to the Kenya Deposit Insurance Corporation (KDIC), Russo told Business Beat what it took to get Chase Bank to this point. No bank has managed to come out of receivership in Kenya, yet Chase Bank seems to be on the road to making history. When Chase Bank went into receivership, Central Bank of Kenya (CBK) Governor Patrick Njoroge made a decision that the bank should be opened within five days.

Source: Standard Digital September 05, 2016 21:00 UTC