Chase Bank
/courtesy

Chase Bank, which is currently under receivership has closed down ten of its branches and will now have 35 branches which have been rebranded to SBM Kenya.

Following the closure of these branches,a number of employees are at the verge of losing jobs from the troubled lender. However, the SBM Holdings CEO Andrew Bainbridge has said that the bank will try and absorb as many employees as possible from the fallen Chase Bank.

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Among the branches to be closed include Bondeni, City Center, Delta, Eastleigh, Eldoret Xpress, Garissa, Kayole, Kisumu Xpress, Pangani Xpress and Parklands branches. The bank  says that affected customers will be transferred to existing branches.

The SBM bank is set to begin operations on August 20 with the customers who had the money stuck in the back during its closure being allowed to recover up to a quarter which is equivalent to Ksh14.25 billion. The rest will be recovered within three years. Ksh14.25 billion will be put in a savings account earning an interest of seven per cent.

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