Chase Bank Announces Closure of 10 Branches

  • Chase bank has announced the closure of 10 of their branches from August 20 following a recent acquisition.

    The announcement follows the ongoing takeover of some of its assets by the State Bank of Mauritius (SBM).

    Making the declaration, Group CEO of SBM Holdings Ltd Andrew Bainbridge stated that the lender will take the majority of Chase Bank branches, IT infrastructure, offer employees new terms of service and carry a ‘substantial portion of the loan book.'

    "By August we will have over 60 branches, 800 employees and we will become a mid-sized lender," noted Bainbridge. 

    [caption caption="Group CEO of SBM Holdings Ltd Andrew Bainbridge "][/caption]

    The affected branches include Kisumu Xpress located at Naivas Supermarket, Delta Branch located at PWC, City Center Branch located at the Prudential building, Garissa located at Lilac Centre, Kayole branch located at Shujaa Mall and the Eastleigh branch located at Sunrise Mall.

    Other branches affected include Pangani Xpress at Oil Libya and Parklands at Medi Plaza.

    The deal by SBM to buy Chase bank assets is set to be concluded on August 17 after Treasury and Central Bank gave it a clean bill mid this month.

    However, the statement by the bank did not clarify the fate of employees working at the closed branches. 

    In 2016, Central Bank of Kenya placed Chase Bank under receivership following liquidity problems

    The regulator noted that the bank experienced cash flow difficulties following 'inaccurate' social media reports and the stepping aside of two of its directors. The bank was unable to meet its financial obligations on April 6, 2016.

    [caption caption="Pedestrians walking outside a Chase Bank branch"][/caption]