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Chase Bank Depositors Receive Compensation from KDIC after Liquidation

NAIROBI | Chase Bank Limited depositors have received Sh730 million in compensation from the Kenya Deposit Insurance Corporation (KDIC) after the bank was liquidated in April 2021.

KDIC states that this compensation covers 70 percent of the Sh1.043 billion in protected deposits, up to Sh500,000 per account, at the bank.

KDIC hopes to increase the compensation payout before the end of the payout period in April 2023. KDIC was appointed as the receiver of Chase Bank Limited in 2016 following a run on the bank.

KCB Bank Kenya was named the manager of the lender days later. SBM Bank Kenya acquired 75 percent of Chase Bank’s assets and liabilities in 2018.

KDIC is also overseeing the liquidation of Charterhouse Bank and Imperial Bank, but litigation has slowed down payments on the banks’ secured deposits. As of June 2020, total protected deposits in Charterhouse Bank stood at Sh317 million.

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