Chase Bank Kenya Limited (CBK), commonly referred to as Chase Bank, was a

commercial bank A commercial bank is a financial institution that accepts deposits from the public and gives loans for the purposes of consumption and investment to make a profit. It can also refer to a bank or a division of a larger bank that deals with whol ...

in Kenya, licensed by the

Central Bank of Kenya The Central Bank of Kenya (CBK) () is the monetary authority of Kenya. Its head office is located in Nairobi. CBK was founded by in 1966 after the dissolution of East African Currency Board (EACB). Dr. Kamau Thugge, CBS is the current Governor a ...

, the

central bank A central bank, reserve bank, national bank, or monetary authority is an institution that manages the monetary policy of a country or monetary union. In contrast to a commercial bank, a central bank possesses a monopoly on increasing the mo ...

and national banking regulator. Chase Bank was a large financial services provider in Kenya, with an estimated asset valuation of approximately US$1.428 billion (KES:142 billion), as of December 2015. At that time, shareholders' equity was valued at US$119.7 million (KES:11.9 billion).

History

In 1995, several business people acquired a 60% stake in United Bank (Kenya), after paying approximately US$1.23 million (Kenya Shillings 95 million). At that time the bank's headquarters were located in the western town of

Kisumu Kisumu ( ) is the third-largest city in Kenya located in the Lake Victoria area in the former Nyanza Province. It is the second-largest city after Kampala in the Lake Victoria Basin. The city has a population of slightly over 600,000. The ...

, approximately , by road, northwest of

Nairobi Nairobi is the Capital city, capital and largest city of Kenya. The city lies in the south-central part of Kenya, at an elevation of . The name is derived from the Maasai language, Maasai phrase , which translates to 'place of cool waters', a ...

, Kenya's capital and largest city. At that time, ''United Bank (Kenya)'' was in receivership and was under statutory administration by the Central Bank of Kenya, the country's banking regulator. Its paid-up capital, then, was approximately US$970,000 and it had an asset base valued at approximately US$1.9 million. In 1996, the bank opened for business under the new owners who rebranded to its present name. In 1997, a decision was made to relocate the bank's only branch at the time, from Kisumu to Nairobi. Over the years, Chase Bank (Kenya) has progressively improved its bottom line by growing its customer base and increasing its profitability.

Statutory management

On 7 April 2016, Chase Bank was placed under receivership by the Central Bank of Kenya making it the third bank to be placed under receivership in a twelve-month period. This was mainly due under reporting of insider loans and not meeting the statutory banking ratios. Chase Bank re-opened on 27 April 2016 with KCB as the receiver manager. In April 2016, the bank was put under statutory management by the CBK following what it termed 'unsafe financial conditions'. The liquidity problems that it faced followed social media reports after the resignation of two of its directors. The reports showed that its profits in 2015 fell to Ksh. 742 million from 2.3 billion in 2014. The statements also revealed that non performing loans had risen from Ksh. 3 billion in 2014 to Ksh. 11 billion in 2015. In April 2016, Inspector General of Police Joseph Boinnet ordered the arrest of Chase bank's executives to answer questions about mismanagement in the bank. After closure for two weeks, the bank reopened on 27 April 2016 under management of Kenya Commercial Bank.

Liquidation

In April 2018, the central bank announced that State Bank of Mauritius would be acquiring certain assets and matched liabilities from Chase Bank's. This deal included 75% of deposits, bank staff and branches and merging them with the operations of its Kenyan subsidiary, SBM Kenya. The remaining assets and liabilities were then transferred to Kenya Deposit Insurance Corporation for liquidation.

Ownership

In March 2013, ''Amethis Finance'', a development finance company based in

Paris Paris () is the Capital city, capital and List of communes in France with over 20,000 inhabitants, largest city of France. With an estimated population of 2,048,472 residents in January 2025 in an area of more than , Paris is the List of ci ...

France France, officially the French Republic, is a country located primarily in Western Europe. Overseas France, Its overseas regions and territories include French Guiana in South America, Saint Pierre and Miquelon in the Atlantic Ocean#North Atlan ...

, invested US$10.5 million (KES:900 million) into the bank, thereby taking an equity position in Chase Bank (Kenya). In October 2013, a European Private Equity Fund, invested KSh1.5 billion into the bank, taking up an equity position into the institution. , the shareholders in the stock of the bank are summarized in the table below:

Member Companies

Subsidiaries

Other than the banking business, Chase Bank has the following subsidiaries: *RAFIKI Microfinance Bank Limited – 75% Shareholding – A deposit-taking

microfinance Microfinance consists of financial services targeting individuals and small businesses (SMEs) who lack access to conventional banking and related services. Microfinance includes microcredit, the provision of small loans to poor clients; saving ...

bank. * Chase Insurance Agency Limited – 100% Shareholding – The Insurance agency arm of the business.

Branches

, the bank maintains a network of branches at the following locations: ; Nairobi Branches # City Centre Branch – Prudential Assurance Building, Wabera Street

# Buru Buru Branch – Kenol Buru Buru, Mumias South Road,

# Diamond Plaza Branch – Diamond Plaza, Parklands,

# Donholm Branch – East Gate Shopping Mall,

# Eastleigh Branch – Sunrise Shopping Mall, First Avenue,

Eastleigh, Nairobi Eastleigh is a mixed-use neighbourhood in Nairobi, Kenya. It is located east of the central business district. It is known for its business prowess.

, # Elite Banking Centre – 1st Floor, ABC Towers, Waiyaki Way,

# Embakasi Branch – Ground Floor, Taj Shopping Mall, Outer Ring Road,

Embakasi Embakasi is a neighbourhood in the city of Nairobi. It is approximately , southeast of the central business district. Embakasi is considered part of Nairobi's Eastlands area, lying to the south-east of Nairobi County. The Embakasi proper cover ...

# Hurlingham Branch – Ground Floor, Northern Wing, Landmark Plaza, Argwings Kodhek Road,

# Ngara Branch – Peace Plaza, Ngara Road,

# Parklands Branch – Ground Floor, Mediplaza, Third Avenue,

Parklands, Nairobi Parklands is a neighbourhood in the city of Nairobi, the capital and largest city in Kenya. It is divided into numbered avenues. The name arises from the proximity of the area to City Park, Nairobi. Location Parklands is located approximately ...

# Riverside Mews Branch – Riverside Mews, Riverside Drive,

# Sameer Park Branch – Sameer Park, Mombasa Road,

# Strathmore Branch – Strathmore Student Center, Madaraka Estate, Ole Sangale Road,

# Upper Hill Branch – KMA Centre, Junction of Chyulu / Mara Road,

Upper Hill, Nairobi Upper Hill is a central business district of the city of Nairobi, the capital and largest city of Kenya. The district has seen an increase in major construction in recent years, with several multinational corporations setting up offices. Locat ...

# Village Market Branch – 3rd Level, Village Market, Limuru Road, Gigiri,

# Windsor Branch – Ridgeways Mall, Kiambu Road,

# Ongata Rongai Branch – Masaai Mall, Rongai Road

# Delta Branch – Delta Towers, Westlands Roundabout

# Lunga Lunga Branch, next to Tuskys Lunga Lunga, Industrial Area

# River Road Branch – Sundries Plaza, Ground floor, River Road Next to Sagret Hotel

# Kilimani Branch – Adlife Plaza, Kilimani

# Kasuku Express Branch – Kasuku Center, Kileleshwa

# Karen Branch – Water Mark, Business Plaza, Karen

# Lavington Branch – 3rd Floor, Lavington Green Mall, Lavington

# Kimathi Branch – Ansh Plaza, Kimathi Street

# Madaraka Express Branch – Along Langata Road Opp Getrudes at TOTAL Gas Station

; Mombasa Branches # Bondeni Branch – Ground Floor, Suhufi Palace, Abdel Nasser Road,

Mombasa Mombasa ( ; ) is a coastal city in southeastern Kenya along the Indian Ocean. It was the first capital of British East Africa, before Nairobi was elevated to capital status in 1907. It now serves as the capital of Mombasa County. The town is ...

# Mombasa Branch – Ground Floor, Jubilee Building, Moi Avenue,

# Nyali Branch – Nyali Plaza, Links Road,

# Mtwapa Branch – Tuskys Mall, Mtwapa

# Old Town Branch – Opposite Central Police Station

# KPA Branch – KPA

# Kilifi Express Branch – Kenol Kobil, Kilifi Road

Kilifi Kilifi is a town on the coast of Kenya, northeast of Mombasa by road. The town lies on the Kilifi Creek and sits on the estuary of the Goshi River. Kilifi is the capital of Kilifi County and had a population of 122,899 during the 2009 census. ...

; Upcountry branches # Eldoret Branch – Utamaduni Building, Kenyatta Street,

Eldoret Eldoret is a city in the Rift Valley region of Kenya. It serves as the capital of Uasin Gishu County. Located in western Kenya and lying south of the Cherangani Hills, the local elevation varies from about at the Eldoret International Air ...

# Kisii Branch – Royal Towers, Hospital Road,

Kisii Kisii may refer to: * Kisii, Kenya, a municipality and the capital of Kisii County * Kisii County, one of the 47 counties of Kenya * Kisii District, a former district of Kenya * Gucha District, in Kenya, also known as ''South Kisii District'' * Nya ...

# Kisumu Branch – West Emporium, Oginga Odinga Street,

# Kisumu Express – Naivas Mall, Jomo Kenyatta Road,

# Malindi Branch – Links Road, Opposite Multi Grocers Limited,

Malindi Malindi is a town on Malindi Bay at the mouth of the Sabaki River, lying on the Indian Ocean coast of Kenya. It is 120 kilometres northeast of Mombasa. The population of Malindi was 119,859 as of the 2019 census. It is the largest urban centr ...

# Nakuru Branch – Spikes Business Centre, Kenyatta Avenue,

Nakuru Nakuru (nicknamed Nax) is a city in the Rift Valley region of Kenya. It is the capital of Nakuru County, and it is the fourth largest city in Kenya and the largest in the Rift Valley region. As of 2019, Nakuru had an urban population of 570, ...

# Thika Branch – Nelleon Building, Kenyatta Avenue,

Thika Thika () is an industrial town and commerce hub in Kiambu County, Kenya, lying on the A2 road , northeast of Nairobi, near the confluence of the Thika and Chania Rivers. Although Thika town is administratively in Kiambu County, the greater ...

# Machakos Branch – at Naivas House, along Mwatu wa Ngoma Rd., Machakos Town

Machakos Machakos, also called Masaku, is a town in Machakos County, Kenya. Serving as the capital of the county, its urban population was 63,767 as of 2019. History Machakos was established in 1887 by Sakshi Shah, ten years before Nairobi. Machakos ...

# Garissa Branch – Lilac Plaza along Kismayu Road # Narok Branch – Ol Talet Mall. Ground Floor, Opposite KCB Along Nairobi Kisii Highway

Narok Narok (sometimes referred to as NauwongoTown) is a town west of Nairobi that supports Kenya's economy in south-west of the country, along the Great Rift Valley. Narok is the county capital of the Narok County and stands as the major centre ...

# Kitale Branch – Nakumatt Mall, Mega Centre

Kitale Kitale is a town in the north west of Kenya, in the former Rift Valley province, between Mount Elgon and the Cherangany Hills. It has an elevation of around . Its population was as of 2019. It is the location of Kitale Airport. The National ...

# Kericho Branch – Ratan Plaza along Kenyatta Road

Kericho Kericho is the largest town in Kericho County, located in the highlands west of the Kenyan Rift Valley. Positioned on the edge of the Mau Forest, Kericho benefits from a warm and temperate climate, making it good for agriculture, especially l ...

Governance

The bank is governed by an eight-person board of directors. Musoni Kuria, is the

Chairman of the Board The chair, also chairman, chairwoman, or chairperson, is the presiding officer of an organized group such as a Board of directors, board, committee, or deliberative assembly. The person holding the office, who is typically elected or appointed by ...

. Paul Njaga, serves as the

managing director A chief executive officer (CEO), also known as a chief executive or managing director, is the top-ranking corporate officer charged with the management of an organization, usually a company or a nonprofit organization. CEOs find roles in variou ...

and

chief executive officer A chief executive officer (CEO), also known as a chief executive or managing director, is the top-ranking corporate officer charged with the management of an organization, usually a company or a nonprofit organization. CEOs find roles in variou ...

References

External links

Website of Chase Bank (Kenya)

Website of Central Bank of Kenya

Profile at Linkedin.com
{{Banking in Kenya Defunct banks of Kenya Companies based in Nairobi Banks established in 1996 Kenyan companies established in 1996