Kenyans on Thursday flocked at different branches and ATMs of Chase Bank following the announcement by the Central Bank of Kenya (CBK) that the bank had been placed under receivership.
Panic engulfed customers of the bank prompting them to rush to withdraw their money though they were reportedly met with dissapointment.
Kenyans.co.ke went ahead to compile pictures capturing scenes from the different branches.
CBK on Thursday morning announced that Chase Bank Limited had been placed under receivership for 12 months over what it termed as unsound and unsafe financial conditions.
Read Also: Chase Bank Placed Under Receivership
The move by the regulator comes after Chase Bank experienced liquidity difficulties and the recent resignation of two of its directors.
Chase Bank came under scrutiny after it released contradicting reports on its financial condition within a span of six days.
The first set had understated insider loans to staff and directors by a total amount of Sh8 Billion.
A second report, however, showed that money advanced to directors, shareholders, associates and employees of the bank stood at Sh13.62 Billion in 2015, contrary to the Sh5.72 Billion reported on March 31.
The bank also recorded a loss of Sh792 Million in the latest 2015 records after a significant profit of Sh2.3 Billion in 2014.
Addressing the media, CBK Governor Partrick Njoroge said that the false alarm raised on social media made customers make huge withdrawals from the bank, making it difficult for Chase bank to meet its financial obligation by 6th April 2016.
Here are the photos courtesy of Twitter:
