The Central Bank of Kenya (CBK) has announced that a total of 12 banks have expressed interest in acquiring an equity stake in Chase Bank Kenya after it asked investors to present an initial Expression of Interest on March 30, 2017.
“Following the March 30, 2017 announcement inviting investors to present an initial Expression of Interest (“EOI”) to take an equity interest in Chase Bank (Kenya) Limited (In Receivership) (“CBL” or “the Bank”), the deadline for submission of EOIs expired on April 21, 2017. During this period, a total of 12 replies to the EOI were received.” CBK said in a statement.
The interested comprised of three Kenyan banks, four foreign banks, and five other financial institutions and consortia.
CBK said it has completed the exercise of evaluating the 12 banks and a shortlist of qualifying investors has been identified.
“The Shortlisted Investors were determined using appropriate and objective criteria based on, inter alia, regulatory imperatives and prudential guidelines which will ensure a speedy and optimal recovery for depositors, creditors and other stakeholders of CBL, whilst also mindful of seeking to preserve and develop a sound and innovative banking system in Kenya. Shortlisted Investors and other respondents have been informed of the outcome of this process. Shortlisted Investors will be granted access to comprehensive confidential data that will allow them to develop a formal proposal for taking an equity interest in CBL.” ” said the regulator.
CBK has also asked the shortlisted banks to submit their formal proposals by June 9, 2017.