After a week of speculation and rumor mongering, it has now been officially confirmed that Chase bank – formerly known as united bank (Kenya) is going under. Maybe even the imperial bank way.
Even though the governor reassured people that all was well, CBK has today put the bank under receivership. The central bank of Kenya has appointed Kenya Deposit Insurance Corporation (KDIC) as a receiver for the bank for a period of 12 months.
The craziest part is how just yesterday senior officials of the bank were calling their clients to tell them how everything is fine and that they shouldn’t withdraw their money – but now the exact issue they were reassuring against seems to have happened. As a customer to the bank I am highly disappointed because the truth is the customers don’t know when they will be able to access their funds.
In a surprising twist of events, the bank claims to have understated loans to its directors by – wait for it- a whooping 8 billion.
For those who do not know, this is the second time the bank is being put under receivership; The first being in 1995 when it went by the name United Bank (Kenya).
If you are their customer and have any queries you have been advised to contact KDIC on No. 0770887992 or via the email address email@example.com
Meanwhile here are some of the reactions from KOT
The run for deposits that happened yesterday send serious shockwaves across Chase bank network. Continued operation is no longer tenable.
— Abraham The Mutai® (@ItsMutai) April 7, 2016
Chase Bank btw has related entities – Rafiki Microfinance, Chase Assurance and Genghis Capital. How many lives are those affected?
— Mafisi TIBIP! (@roomthinker) April 7, 2016
Deloitte has been the Auditor for Dubai bank, Chase Bank, Mumias Sugar plus others. Something doesn't add up.
— AIM (@MisterAlbie) April 7, 2016
What happens to the youth fund money that was in Chase Bank?
— Eartha's Kitty (@CiikuMrsBabes) April 7, 2016
I can't say Chase Bank has failed me. Their services were really up there. There's not a day I have had a complain or queued up anywhere.
— Nyokafi (@NyokabiWainaina) April 7, 2016
I was still wondering why Chase Bank is facing such crisis then then this hit me…… pic.twitter.com/txW2SZYXSN
— Baba Joy (@iam_bett) April 7, 2016
I am about to make hundreds of paper planes for my kids from chase bank cheque books. The system has failed us. pic.twitter.com/5aVJhU6hvP
— Tom Makau (@tommakau) April 7, 2016
Chase Bank should have been under receivership from October last year at least. I don't know how they survived this long.
— Owaahh (@Owaahh) April 7, 2016
Explain to me like I'm Huddah, what is going on at Chase Bank?
— Arum Freshcobar (@ATheChamp) April 7, 2016