Why Chase Bank buyout deal worries existing depositors

Central Bank Governor Dr. Patrick Njoroge(right) & Mohamud A. Mohamud(left) Chief Executive Officer Kenya Deposit Insurance Corporation(KDIC)

NAIROBI, KENYA: When Chase Bank depositors wake up on Monday August 20, they will be able to walk into a State Bank of Mauritius (SBM) counter and draw part of their money that has been locked away since April 2016.

While this move is a welcome relief, they will only be able to get a fraction of the money. This is because the deal offers them access to only 37.5 per cent of the money they had at ChaseBank.