Nipate
Forum => Kenya Discussion => Topic started by: Simanova on August 04, 2016, 03:38:28 PM
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I smell a big rotten rat hidden under the dinner table. Who is this investor? Is not Chase now a public asset since KCB money is in it? How then is it being disposed of outside the provisions of the law :
The KCB Group plans to relinquish its control of Kenyan lender Chase Bank and hand over the troubled bank to a new investor in the next two months.
The latest move casts doubts on KCB’s initial attempts to acquire a majority stake in Chase Bank that was put under receivership in April after the management under-reported insider loans by a massive Ksh8 billion ($77.51 million) triggering a run on deposits.
“We have done our job and we have returned Chase Bank where it is supposed to be. The bank will be handed over to another shareholder by September or October,” the Group chief executive Joshua Oigara told reporters in Nairobi Thursday.
Mr Oigara said KCB is making a gradual exit from Chase Bank through a process which will be completed in September.