CBK puts Chase Bank in receivership

What you need to know:

  • The regulator said Thursday it had taken the drastic decision saying Chase Bank had experienced “liquidity difficulties.”
  • It explained: “Chase Bank Limited experienced liquidity difficulties following inaccurate social media reports and the stepping aside of two its directors. Consequently it was not able to meet its financial obligations on April 6, 2016.

  • On Wednesday, Chase Bank chairman Mr Zafrullah Khan and group managing director Mr Duncan Kabui stepped aside following concerns over the credibility of the bank’s financial statements.

The Central Bank of Kenya (CBK) has put another Kenyan bank, Chase Bank, under statutory management for a year

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