Chase Bank will start taking fixed deposits and resume lending, signalling a quick recovery for the bank that was placed under receivership in April.
The lender said it has received approval from the Central Bank of Kenya (CBK).
“The move marks a major milestone in the turnaround efforts of the bank signalling that most of the major issues under resolution have been addressed, paving the way for full resumption of banking services to all customers,” Chase Bank said in a statement Wednesday.
Resumption by the bank to take new deposits is expected to avail more lending opportunities to customers.
Industry regulator CBK had indicated that it will next month pick a new investor to acquire a majority stake as part of efforts to fully restore the lender.
Chase Bank reopened all branches in April and reinstated banking services including ATM and money transfers.
Credit: Business Daily