THE AFRICAN BUSINESS FORTUNE- BANKING
Bliss as Chase Bank resumes operations
By Correspondent
Chase Bank Limited( In Receivership) resumed operations on Wednesday 27th April in a timely move by the Central Bank of Kenya( CBK) and KCB Bank Kenya that restores confidence in the banking sector.
The resumption of operations at Chase Bank( IR) gives depositors a renewed sense of hope two weeks after the regulator placed the bank under statutory management.
While assuring customers that their money was safe, Paul Russo the Receiver Manager appointed by KCB said that the bank remained committed to its customers and was keen on retaining its clientele.
“ We recognize the fact that our customers have been regrettably inconvenienced over the last two weeks. We thank them for their support and remain deeply committed to our customer service promise.
Chase Bank’ s( IR) unparalleled support to the small and medium sectors will continue unabated. We are cognizant of the central role SME’ s play in the country’ s economic growth and we are keen on living up to our promise as the‘ relationship bank,” said Russo.
The Kenya Deposit Insurance Corporation( KDIC) had appointed KCB Bank Kenya as Chase Bank’ s( IR) statutory manager.
The appointment gives KCB the mandate to undertake all roles and responsibilities of running the bank on behalf of KDIC, the receiver manager, as provided for under the Kenya Deposit Insurance Act 2012.
All 57 branches across the country will remain open during the Bank’ s normal operating hours while Chase Bank’ s( IR) alternative – online and mobile banking- channels will be available. Any new deposits will also be available as soon as they are needed proof of the Bank’ s determination to resume normal operations.
“ We would like to retain as many of our clients as possible. But as earlier announced, customers with a million shillings or less in deposits can access all or part of their money. The bank’ s history of exceptional customer service has not changed despite the receivership. If anything, our commitment to our customers has redoubled as we look forward to growing with our customer,” said Russo.
Joshua Oigara, KCB Group’ s chief executive said,“ We take the appointment as the receiver manager for Chase Bank Limited( IR) as a strong message that the Kenyan banking system has the capacity to offer globally bench-marked but locally relevant solutions to market challenges.”
“ KCB Group is firmly behind Chase Bank’ s( IR) recovery. CBK and KCB Bank Kenya will ensure that Chase Bank( IR) will have adequate liquidity for its operations. Chase Bank( IR) built a strong brand based on strong customer relationships and a commitment to service excellence. We are determined to regain our clients’ trust,” said Oigara.
40 THE AFRICAN BUSINESS FORTUNE MAY- JUNE 2016