SBM Bank fights back against rival's Sh900m deposits claim

SBM Bank on Prudential Building along Mama Ngina Street. [Wilberforce Okwiri, Standard]

SBM Bank Kenya is fighting back against a $7.5 million (Sh904.5 million) debt claim by Mauritius-based lender Afrasia Bank that is threatening to trigger a liquidation process.

Afrasia Bank, in a demand notice dated September 19, wants SBM to pay the money within 21 days, failure to which it will apply for a liquation order against the Kenyan lender that acquired Chase Bank in 2018.