THE STANDARD
MONEY & CAREERS
Charterhouse Bank Limited at Longonot House along Kijabe street (PHOTO: David Gichuru)
About 85 per cent of the depositors of the collapsed Charterhouse Bank are set to be paid in the next 30 days.
The Kenya Deposit Insurance Corporation (KDIC) Chief Executive Officer Mohamud Mohamud said the insured depositors who are protected by law and owed Sh500,000 and below – make up the majority.
KDIC last year revised the coverage limit to Sh500,000 from Sh100,000 after over 30 years.
This means that in the event of a bank liquidation depositors will be paid a maximum of Sh500,000 and Charterhouse depositors are the second beneficiaries of the enhanced coverage after Chase Bank.
THE STANDARD
NEWS
CharterHouse Bank branch in Mombasa (PHOTO: FILE)
The Central Bank of Kenya (CBK) has appointed Kenya Deposit Insurance Corporation to liquidate Charterhouse Bank (CHB), 15 years after it was placed under statutory management over claims of money laundering.
A report by the statutory manager on May 6 recommended that the bank be liquidated. “The report indicates that because of the severe violations of the Banking Act by the bank and its inability to address them, liquidation is the only feasible option, Central Bank said in a statement.
“CBK has assessed the recommendation and considered that liquidation would facilitate the orderly resolution of the assets and liabilities of CHB per the Laws of Kenya, to protect the interest of CHB depositors, its creditors, other stakeholders and the wider public interest.
THE STANDARD
BUSINESS NEWS
CharterHouse Bank branch in Mombasa (PHOTO: FILE)
The Central Bank of Kenya (CBK) has appointed Kenya Deposit Insurance Corporation to liquidate Charterhouse Bank (CHB), 15 years after it was placed under statutory management over claims of money laundering.
A report by the statutory manager on May 6 recommended that the bank be liquidated. “The report indicates that because of the severe violations of the Banking Act by the bank and its inability to address them, liquidation is the only feasible option, Central Bank said in a statement.
“CBK has assessed the recommendation and considered that liquidation would facilitate the orderly resolution of the assets and liabilities of CHB per the Laws of Kenya, to protect the interest of CHB depositors, its creditors, other stakeholders and the wider public interest.
Rafiki Microfinance initiates search for new CEO
Rafiki is working with an executive headhunter on the CEO search.
Rafiki Microfinance Bank was a subsidiary of Chase Bank and launched its operations in the Kenyan market in 2011 targeting the microfinance industry.
Chase Bank was placed under receivership on April 7, 2016 following a run on deposits after reports of liquidity problems spread online.
Thursday May 06 2021
Rafiki Microfinance is looking for a new chief executive to replace its former CEO Ken Obimbo who recently left the post. FILE PHOTO
By BRIAN NGUGI
Rafiki is working with an executive headhunter on the CEO search.
Rafiki Microfinance Bank was a subsidiary of Chase Bank and launched its operations in the Kenyan market in 2011 targeting the microfinance industry.
Pay collapsed bank loans
Wednesday May 05 2021
By BUSINESS DAILY
Summary
The decision to identify and repossess assets of individuals and firms that have refused to repay bank loans in collapsed banks is welcome.
It is immoral for the borrowers to freeze repaying their debts yet individuals whose hard-earned savings that were used to support the borrowing are wallowing in poverty.
The decision to identify and repossess assets of individuals and firms that have refused to repay bank loans in collapsed banks is welcome.
It is immoral for the borrowers to freeze repaying their debts yet individuals whose hard-earned savings that were used to support the borrowing are wallowing in poverty.