Suitors line up to take over Chase Bank

12 investors have expressed interest to take an equity interest in Chase Bank (Kenya) Limited (In Receivership) (“CBL” or “the Bank”),
This is comprised of three Kenyan banks, four foreign banks, and five other financial institutions and consortia
The evaluation of the EOIs has  been completed and a shortlist of qualifying investors (“Shortlisted Investors”) has been identified.
The Shortlisted Investors were determined using appropriate and objective criteria based on, inter alia, regulatory imperatives and prudential guidelines which will ensure a speedy and optimal recovery for depositors, creditors and other stakeholders of chase bank limited, whilst also mindful of seeking to preserve and develop a sound and innovative banking system in Kenya.
Shortlisted Investors and other respondents have been informed of the outcome of this process. Shortlisted Investors will be granted access to comprehensive confidential data that will allow them to develop a formal proposal for taking an equity interest in chase bank limited.
Shortlisted Investors have been requested to submit their formal proposals by June 9, 2017, 5:00 p.m. (East African Time).

Ecobank plans to close branches and cut jobs

Ecobank plans to close branches and cut jobs as the pan-African lender steps up investments in digital platforms, its chief executive said on Wednesday.

The Pan-African lender's operations in nearly 40 countries across sub-Saharan Africa, including Kenya, are exposed to some economies that have been pressured by the slide in commodity prices and unfavourable currency swings.

Speaking to Reuters on the sidelines of the World Economic Forum for Africa in Durban, chief executive officer Mr Ade Ayeyemi said the bank's plans to expand its mobile platforms would help deliver profits.

This will  mean reducing their branch network, using technology to deliver to customers and processing transactions centrally, said Ayeyemi.

The bank believe that this business model can deliver profitability to our shareholders.