SBM Holdings Ltd has completed the last step of the acquisition of carved out assets and assumption of specific liabilities of Chase Bank Kenya Ltd (in receivership) (CBLR) through its subsidiary SBM Bank (Kenya) Ltd (SBM Kenya).
The transaction follows the Central Bank of Kenya’s (CBK) approval on 6th July 2018. SBM Group has committed an additional capital infusion of $60 million (Sh 6.0 Billion) for this portfolio purchase, taking its total investment to $86 million in Kenya. SBM Kenya moves up the ladder from a tier 3 bank to a top tier 2 bank with a significant asset base.
In a statement, SBM says the completion of this transaction means that depositors and borrowers with the bank will get access to a full range of banking products and services from Monday 20th August 2018. Depositors will have access to 50% of the funds transferred to SBM Bank (Kenya) Ltd through Savings and Current Accounts. The remaining 50% of the transferred moratorium deposits will be available equally over the next 3 years and will earn interest during this period.
SBM group chairman said the newly rebranded SBM Bank (Kenya) Ltd will be rolled out in a phased manner across countries.
SBM Bank (Kenya) Ltd has taken on the vast majority of employees ensuring continuity of employment.
