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Tuesday, April 19, 2016

KCB LOSES BID TO BUY CHASE BANK TO QATARI LENDER

The nation's largest lender by assets, KCB Group, has reportedly lost its bid to purchase distressed Chase Bank.

KCB is said to have come in third from four bids the Central Bank of Kenya received for purchase of the SME lender.

Chase Bank went down after misreported insider loans caused depositors to make a run on it.

Qatari lender, QNB, the second largest bank in Africa and the Middle East, is said to be the front runner to take over Chase Bank

If it is successful, it will take over an entity with an enviable portfolio of small businesses that other banks have been angling for to drive their growth.

Rand Merchant Bank of South Africa was reportedly second in the bid with KCB coming in third.

CBK has yet to formally make any official announcement regarding the matter but insiders indicate QNB may get the nod.

Chase shareholders have been pushing for CBK to bring in someone to run the bank rather than go the Good Bank - Bad Bank way which they feel would destroy the lender.

Also being mentioned is French lender BNP Paribas but this is seen as a long shot with few European lenders seeking to expand on the continent.

Nedbank SA has equally been mentioned as a possible candidate.




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