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Chase, Charterhouse Banks Depositors To Start Receiving Payments

Chase Bank
/courtesy

The Kenya Deposit Insurance Corporation (KDIC) has announced payments for depositors of fallen banks Chase and Charterhouse.

KDIC has already aviled forms for the depositors of Chase Bank Limited in Liquidation across SBM bank branches.

The depositors whose claims are approved will be paid up to Ksh500,000 through Real Time Gross Settlement (RTGS).

The balance alongside creditors claims will be paid at the culmination of the liquidation process.

Only three percent of original depositors in Chase Bank are yet to be compensated.

“We have just moved in this morning and we are going to take a deep dive into the bank to establish other assets, trace, preserve and realize the assets at the best market value for the benefit of depositors and creditors,” said KDIC Chief Executive Officer Muhamud Muhamud.

Read: Chase Bank Depositors To Get Ksh500,000 As Liquidation Plans Kick Off

Charterhouse Bank depositors will be paid after 30 days after a review of the lender. The move will see 85 per cent of all Charterhouse depositors paid, since their deposits are less than Ksh500,000.

“We are working on a risk based premium which will be another level of defense for depositors. Banks will be careful not to play around as they will be penalized by paying higher premiums,” added Mr. Muhamud.

Chase Bank collapsed in 2016 and placed under receivership on April 7, 2016, with KDIC being appointed as the receiver by CBK.

On the other hand,  Charterhouse bank was put on statutory management in June of 2006, with the regulator later approving liquidation.

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Written by Francis Muli

Follow me on Twitter @francismuli_. Email francis@kahawatungu.com

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