SBM Holdings Ltd completes acquisition of Chase Bank Kenya Ltd

SBM Holdings Ltd is pleased to announce that it has completed the acquisition of the carved out assets and assumption of specific liabilities of Chase Bank (Kenya) Ltd (in receivership) (CBLR) through its subsidiary SBM Bank (Kenya) Ltd (SBM Kenya).  The transaction follows the Central Bank of Kenya’s (CBK) approval through Gazette Notice No. 6833 published on 6th July 2018.

SBM Kenya now has a network of 59 branches across Kenya and will be offering a full range of banking products and services as from Monday 20 August 2018.  The Group Chairman, Mr. Kee Chong LI KWONG WING, GOSK, and the Group CEO of SBM Holdings Ltd, Mr. Andrew Bainbridge were present in Kenya for the opening of the newly rebranded SBM Bank (Kenya) Ltd, with the new brand identity of SBM which will be rolled out in a phased manner across the jurisdictions where SBM is present.

“It is a moment of great pride for us as a Group to have completed this landmark transaction slightly more than a year after we first entered the Kenyan market with the acquisition of the Fidelity Commercial Bank and it confirms our will to engage more in Kenya’s economy and society”, said the Group Chairman of SBM Holdings Ltd, Mr. Kee Chong LI KWONG WING, GOSK.

“We are very excited to start full operations as a strong top Tier 2 SBM Kenya. We look forward to welcoming our clients and providing them with competitive banking services and non-banking financial products and services as well. Moreover, we want to build the India/Mauritius/Madagascar/Kenya linkages to grow both funded and non-funded business, through helping our clients to use and develop the Asia – Africa corridor that we are part of facilitating”, declared Mr. Andrew Bainbridge, Group CEO.