“You know we had one year, but we want to make it shorter. By end of June, we shall have quite a good view of Chase Bank,” said Joshua Oigara, KCB’s Chief Executive.
The bank expects to complete a due diligence on Chase Bank (in receivership) by end of June and then use its findings to make a decision on whether to acquire a controlling stake in the mid-tier lender or not.
Oigara said that the due diligence will be done by an independent expert who will look at the legal, financial and credit assessment of the business. The expert in question will be agreed upon by KCB and KDIC.
He said they had made some little good progress within the 30 days they have been at Chase Bank as managers. In that period, 300 new accounts were opened and Sh1.5 billion deposits made as customers expressed confidence in a bank that some had pronounced dead after it went into receivership.
“There is some good stuff happening. All the avenues-branches, the agents, ATM, loan collections and payments are up now,” he said noting that only the credit c