EDIT August 15 2018: As part of the transition of Chase to SBM, cheques and EFT’s will be temporarily halted from Thursday 16th August to resume at new SBM counters on Monday, August 20, 2018. Also, it appears, Chase Bank customers will be required to fill out new account opening forms for personal & corporate accounts, wire transfers, chequebooks, cards (debit & credit) and to access digital banking services. This is in line with “know your customer” and to condemn the identity, authenticity and validity of Chase customers being integrated into SBM.
Chase debit /ATM cards cease to work on Friday, August 17 and customers have been asked to collect new SBM cards from their “home” branches. Chase Bank chequebooks also cease effect on that date and customers will be issued with new SBM Kenya chequebooks, with the first being free of charge). Users of the popular Chase Bank Mfukoni app will be prompted to update it and to download a new SBM Kenya app – which has familiar features including airtime purchase, utility bill payments, account statements, chequebook requests and Mobile2bank / M-Pesa transfers of up to Kshs 500,000 ($5,000).
April 18 2018: Yesterday an agreement was signed to conclude the transfer of 75% of the deposits held in Chase Bank that was placed under receivership in April 2016, to the State Bank of Mauritius (operating as SBM Kenya), with the balance remaining at Chase (in receivership) that is being managed by the Central Bank of Kenya (CBK) and the Kenya Deposit Insurance Corporation (KDIC).
Press Release: Chase Bank (Kenya) Limited (IR) pic.twitter.com/T8Vd6vIq61
— Central Bank of Kenya (@CBKKenya) April 17, 2018
The agreement enables customers of Chase Bank to immediately access 25% of their deposits that will be placed in current accounts at SBM, and another 25% that will be placed at savings account at SBM that will earn 6.65% interest per annum. The balance of funds being transferred from Chase will be placed in fixed deposits at SBM that mature over three years with one-third becoming available to Chase depositors on the anniversary date of the agreement for each of the next three years, in what CBK states this represents a substantial resolution of for the depositors of Chase Bank.
SBM Kenya is happy to announce the conclusion of the acquisition of certain assets and assumption of certain deposits with relation to Chase Bank. We're looking forward to building great relationships with all our customers. pic.twitter.com/tzpAlTihWe
— SBM Bank Kenya (@sbmbankkenya) April 17, 2018
SBM Kenya is part of SBM Holdings that is controlled by the Government of Mauritius and has $5.8 billion assets and is the third largest company on the Mauritius stock exchange with a market capitalization of $680 million.
EDIT; July 6: CBK announced that SBM has commenced the acquisition of certain assets and assumption of certain liabilities of Chase Bank in line with the announcement of April 17, 2018, and following approval from the CBK on June 13, and the Kenya’s Cabinet Secretary, National Treasury on June 28, with a goal to complete the acquisition and assumption process on August 17, 2018.