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Wednesday, April 6, 2016

CHASE BANK CHAIRMAN AND GROUP MD RESIGN, PAUL NJAGA TAKES OVER AS GMD/CEO

Chase Bank chairman Zafrullah Khan and Group Managing Director, Duncan Kabui have resigned with immediate effect.

Paul Njaga takes over as Group MD and Chief Executive Officer while Muthoni Kuria, a member of the board, takes over as acting Chair.

No reason has been given for the sudden resignations although sources indicate they came at the insistence of the Central Bank of Kenya.

Governor Patrick Njoroge who has CEOs of Kenyan banks literally shaking in their boots would not be drawn into discussion over Chase Bank during a media briefing earlier today.

Questions have been raised regarding Chase Bank's momentous swing from a healthy profitable position at the end of the nine months to September 30, 2015 only to plunge into loss territory at the end of December 31, 2015.

The bank reported a loss of Sh790million.

Chse is a tier III bank popular with SMEs and especially contractors and suppliers who favour it for funding their LPOs.

Last week it announced a Sh5billion credit facility from the African Development Bank for onward lending to SMEs.

Last year it came to the market with a corporate bond which was oversubscribed.


14 comments:

  1. This comment has been removed by the author.

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  2. What is going on?!? All these banks in trouble like this? This reflects so badly in previous CBK governor.

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    1. I agree Kathy. It seems the previous governor was quite reluctant to make follow ups on poorly performing banks

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    2. @Kathy, you right this really speaks' volumes about CBK Gov. Patrick Njoroge predecessor

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  3. What is going on?!? All these banks in trouble like this? This reflects so badly in previous CBK governor.

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    1. I agree in a way and disagree on another

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    2. The Banks all had their books cooked to keep the shareholders happy & investors raising more cash to scheme away & raise their shareholding at the same Time. Watch what happens after the Panama files are completely laid bare. Look even now at Cooperative, National Bank, these are all bacon books, look at shareholding structures, even senior entrusted public officers have theirs seats in the kitchen, waiting for the Bacon. The new CBK will chew into it, but not sure he can stop the cartels, the political coffers etc especially with elections next year. It's gonna be a battle royale, forget about any convictions or jail sentences. This is the Wild Wild West!!

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  4. Ndungú messed up big time. Kudos to Njoroge and his broom! More power to him!

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  5. It might be wrong to presume that Dr. Njoroge is Mr. Right. Kenyan banks have been operating clandestine for a long time.

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  6. It's called Cooking The Bacon, & once the smell leaves the kitchen, it's Helter Skelter!!

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  7. Let's see who gets burned in the kitchen & where the oil in the Pan ends up!!
    Then the owner must also find out, who cooked & ate the Bacon!!

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