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KCB Group to Buy Chase Bank Kenya After Reopening Branches

  • Biggest Kenyan bank to study failed lender's books before bid
  • Moratorium on creditor payments in place until purchase done
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KCB Group Ltd., Kenya’s biggest bank by assets, agreed to buy a majority stake in Chase Bank Ltd. after reopening the lender that was closed earlier this month following a run by depositors.

All Chase Bank branches will open by April 27 and online and mobile-banking services will become available, the Nairobi-based central bank said in an e-mailed statement Wednesday. The East African nation’s 11th-largest lender was taken over by regulators on April 7, a day after its chairman and group managing director resigned as the company issued restated results that received a qualified opinion from auditors. The police subsequently ordered their arrest.