Relief for customers as major services resume at Chase Bank
Customers being served at the Chase Bank head office branch in Nairobi on April 27, 2016 on reopening under the management of Kenya Commercial Bank. Customers can now access all key services. PHOTO | SALATON NJAU | NATION MEDIA GROUP
What you need to know:
- Chase Bank said customers can now access all transactions, a fortnight after it reopened.
- Chase Bank receiver manager Paul Russo said they are committed to getting back to full flight in the near future.
- Chase Bank resumed work on 27 April 2016, after the Central Bank of Kenya placed it under receivership.
It is a huge relief for Chase Bank customers as they can now access all key services.
The bank is under receivership and it said on Friday that it had successfully resumed major banking services such as real time gross settlements, electronic funds transfers, agency banking, trade finance, foreign exchange transactions and cheque clearance.
The lender said customers can now access all transactions, a fortnight after it reopened.
“The restoration of these services, with the support of KCB Bank Limited, who is the receiver manager, marks yet another important milestone for Chase Bank,” said the lender in a statement.
Chase Bank receiver manager Paul Russo said they are committed to getting back to full flight in the near future.
“Over the last two weeks, we have reached crucial milestones towards getting Chase back to full flight. We have seen massive support from our customers who have stood with us. We are keen to remain firmly focused on our customers,” said Mr Russo.
Chase Bank resumed work on 27 April 2016, after the Central Bank of Kenya placed it under receivership. The lender’s 57 branches re-opened under the management of KCB, working with Kenya Deposit Insurance Corporation.
UNDER RECEIVERSHIP
The regulator on April 7 placed the bank under receivership because of liquidity problems created by a run on the mid-sized lender from panicked depositors.
“The return of Chase Bank is a confidence story for Kenya’s banking. We will continually engage all stakeholders to ensure we rebuild Chase together,” said KCB Group chief executive Joshua Oigara.
Mr Russo said the activation of Chase Bank’s agency network and trade finance services, such as bid bonds and cash-backed guarantees, has played a significant role in providing clients with channels to carry out various transactions.
Chase Bank has 1,073 approved agents.
“We are committed to supporting Chase Bank for the benefit of all stakeholders, including depositors, creditors and members of the public, and ensure it resumes normal operations,” Kenya Deposit Insurance Corporation acting chief executive Mohamud A Mohamud said.
