Chase Bank (Kenya)
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| Private | |
| Industry | Financial Services |
| Founded | 1996 |
| Headquarters | Nairobi, Kenya |
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Key people
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Muthoni Kuria (Chairman) Paul Njaga Managing Director & CEO |
| Products | Loans, Checking, Savings, Investments, Debit Cards |
| Revenue |
 Aftertax: US$7.97 million (KES:792 million) (2015) |
| Total assets | US$1.428 billion (KES:142 billion) (2015) |
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Number of employees
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1000+ (2014) |
| Website | www |
Chase Bank Kenya Limited (CBK), commonly referred to as Chase Bank, is a commercial bank in Kenya, licensed by the Central Bank of Kenya, the central bank and national banking regulator.
Chase Bank is 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).
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, approximately 340 kilometres (210 mi), by road, northwest of Nairobi, 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.
On April 7, 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 stepping aside of two of its directors.
Zafrullah Khan and Duncan Kabui stepped aside after the publication of the 2015 financial statements. 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 Khan and Kabui to surrender themselves to the police to answer questions about mismanagement in the bank.
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Wikipedia