Chase Bank Could Get New Investors After Due Diligence, KCB Says

Chase Bank Kenya Ltd.’s receiver manager, KCB Group Ltd., plans to seek new investors for the lender after a due diligence report is completed.

After a comprehensive appraisal is done “Chase Bank will be turned back to a new investor,” KCB Group Chief Executive Officer Joshua Oigara told reporters Thursday in the Kenyan capital, Nairobi. The report is due to be handed to the Central Bank of Kenya by the end of August, he said.

Chase Bank was closed April 8 following a run on deposits that was sparked by reports of irregular loans. The lender re-opened less than three weeks later under statutory management.

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