Online rumors on Chase Bank Kenya turned painful for users of Chase Kenya services. Some of Chase Bank Kenya users, upon learning of the Chase Kenya news, withdrew monies at Chase Bank Kenya. An action that the Chase Bank Kenya regulator said was responsible for Chase Bank Kenya collapse.
Chase Bank Kenya, responding to Chase bank users need for Chase Bank information issued two statements. In one, Chase Bank Kenya, urge Chase Bank stakeholders to treat the Chase Bank online reports as to Chase Bank Kenya liquidity problems with disdain. In another, Chase Bank Kenya announce changes to key Chase Kenya management including Chase Bank Kenya Board Chairperson and Chase Bank Kenya Group MD.
Chase Bank Kenya placement under receivership, a day after appointing a new Chase Kenya board chairperson from among Chase Bank directors pointed to problems at Chase Bank Kenya. Chase Kenya operations and Chase Bank assets transferred to the deposit protection fund, and an audit of Chase Bank Kenya transactions and Chase Kenya assets commenced. Chase Kenya financial records on the status of Chase Bank were confusing as regards Chase Kenya. Within a week, Chase Kenya had availed two sets of accounts as related to Chase Bank, in one Chase Kenya, reports a loss and yet in another; Chase Kenya shocks the public with insider loans to Chase Bank directors.
Chase Kenya problems prompted the Chase Bank regulator to aim Stability measures at Chase Bank. Chase Kenya has been placed under new management to guide it through Chase Bank recovery process and seek guarantees to Chase Kenya loans. Chase Kenya shareholders chose to pick an indigenous bank with a thorough understanding of Chase Bank markets and Chase Bank Customers. The bank has an ultimate aim of acquiring Chase Bank Kenya and in effect Chase Bank customers. This will ensure that the Chase Bank Kenya has sufficient liquidity in the short term to meet its financial obligations while serving to restore confidence in the banking sector in the long term.
Chase Bank and the indigenous bank will operate as independent entities with Chase Bank retaining its distinct Chase Bank identity while the native bank aims to acquire Chase Bank Kenya ultimately. It will undertake a due diligence of Chase Kenya which will inform it interest in becoming a major shareholder of Chase Kenya. In the meantime, the Chase Bank Kenya customers can access deposits held with Chase Kenya.