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The Central Bank Governor has today announced that Kenya Commercial Bank will be the receiver manager for Chase Bank once it reopens. He also stated that KCB will open the bank by Wednesday next week. Chase Bank customers will have immediate access to their deposits up to a maximum of Kshs. 1 million. Those with deposits over 1 million it seems will have to wait for a bit longer to access their funds. This is most definitely music to the years of many depositors like myself who have been affected by the closure.

[Also read: Why I will still bank with Chase Bank]

This comes after rumors had begun circulating on social media to the effect that Qatar National Bank (QNB) had won the bid to take over the bank. QNB has been publishing its financial statements in Kenyan dailies leading many to speculate that they were getting ready to plunge into the country’s banking sector.

During the presser the CBK Governor indicated that KCB offered the best way forward and has the experience and credibility . CBK and KCB will ensure that Chase Bank has adequate liquidity for its operations. Also in a bid to safeguard their interests KCB will provide a management team to assist in the receivership. According to the governor the decision to award KCB the Chase Bank stake was reached today morning at 8 am.