All Chase Bank branches will be reopened by next Wednesday after a deal signed this morning between Kenya Deposit Insurance Corporation and Kenya Commercial Bank.
Making the announcement this morning, Central Bank governor Patrick Njoroge said KCB will acquire majority stake in Chase Bank after beating eight other institutions and banks that had expressed interest in the lender.
CBK said speed to reopen, credibility support and liquidity availability were key parameters for consideration in the proposal.
Shareholders of the bank had also proposed to inject more cash into Chase.
The bank was closed two weeks ago after a series of panic withdrawals triggered by massive insider loans and mounting bad debt will be revived.