Kenyan lender Chase Bank has been put under receivership by the central bank of Kenya due to liquidity problems.

The lender recorded difficulties in cash flow amidst inaccurate social media reports and the departure of chairman Zafrullah Khan and group managing director Duncan Kabui.

The company was unable to meet its financial obligations, the central bank said.

Kenya Deposit Insurance has been appointed as receiver of the bank for a year.

"In light of the above, we have appointed the Kenya Deposit Insurance Corporation (KDIC) to assume the management, control and conduct of the affairs and business of the institution and to exercise all the powers of the institution to the exclusion of its Board of Directors and advise CBK of an appropriate resolution strategy as soon as is practicable and not later than twelve months from date of appointment," the central bank said.

 

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.