July 25th 2017

Business / News

Chase Bank sale attracts huge interest from Kenyan, foreign players

"The 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 statement.

By Cynthia Gitaucgitau@kenyafreepress.comTuesday, 02 May 2017 21:20 EAT

Twelve groups of investors have applied to the Central Bank of Kenya for the purchase of controlling stake in Chase Bank (currently under receivership). The respondents comprised of three Kenyan banks, four foreign banks, and five other financial institutions and consortia, according to a statement from CBK.

On March 30, CBK invited Expressions of Interest (“EOI”) for investors seeking to take an equity interest in Chase Bank, and the deadline for submission of EOIs expired on April 21. CBK has evaluated the EOIs and shortlisted investors 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.

"The 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 statement.

"Shortlisted Investors have been requested to submit their formal proposals by June 9," the Bank said.

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