Communiqué de Presse de La SBM

10 July 2018
SBM to complete acquisition of certain assets and assumption of

certain deposits of Chase Bank Kenya Ltd (In receivership)
SBM Holdings Limited is pleased to announce that its wholly owned

subsidiary SBM Bank (Kenya) Ltd will complete the process of
acquisition of certain assets and assumption of certain deposits of
Chase Bank Kenya Ltd (In receivership) (CBLR) on August 17, 2018.
The process follows the Central Bank of Kenya’s (CBK) approval on

June 13, 2018, under section 9 of the Banking Act of Kenya and under
the Central Bank Prudential Guidelines. Subsequent approval was
granted by the Cabinet Secretary, National Treasury of Kenya on June
28, 2018.
SBM Kenya will assume 75 percent of the value of deposits under

moratorium at CBLR, all non-moratorium deposits at CBLR, and will
take on the majority of CBLR branches and employees. As per the
terms of the transaction, 50% of the non-moratorium deposits will be
available upon completion of the transaction through current and
savings accounts. The remaining 50% will be placed in interest earning
term deposits to be accessed equally over a period of three years.
“This landmark transaction will enable the SBM Group to grow
inorganically, taking SBM Kenya from 31st to 13th place as a strong Top
Tier 2 bank within a year of its creation”, declared SBM Group
Chairman, M. Kee Chong LI KWONG WING, adding that “it is also in line
with the Group’s internationalization strategy to have a greater
regional presence, taking its footprint beyond Mauritius into the Asia-
Africa corridor.”
“It’s a moment of great pride for our Group, as this move will enable
us to increase our market share on the Kenya market and allow us to
grow from a small to a medium-sized bank. Our objective now is to
unfold our capacity so that we can deliver to the best of our ability in
the Kenyan market. We are looking forward to playing an active role in
Kenya’s financial and economic landscape and will ensure that we do it
in accordance with Kenya’s social and business culture”, declared M.
Andrew Bainbridge, Group CEO of SBM Holdings Ltd.
It is to be noted that Chase Bank is a commercial bank headquartered

in Nairobi, Kenya, with a network of over 60 branches across the
country. Based on its 2014 annual report, the bank had total assets of
over USD 1 billion and employed around 800 staff. In 2016, CBK placed
the bank in receivership when it failed to meet its financial obligations
and appointed the Kenya Deposit Insurance Corporation as the receiver
manager.
About SBM Group
SBM Holdings Ltd is a financial investment holding company listed on

the Stock Exchange of Mauritius. With a market capitalization of MUR
23.4 billion as at 30th April 2018, SBM Holdings Ltd is the third largest
listing in Mauritius. SBM Holdings Ltd is engaged in banking, non-
banking financial services as well as non-financial investments. The
Group is present in Mauritius, Kenya, India and Madagascar.
SBM offers an extensive suite of products and services that include

banking and non-banking financial products across various geographies
including Mauritius, India and Madagascar. These services include
banking, private wealth management, investment banking, stock
broking, advisory, insurance, asset management and among others.
SBM intends to market these products and services to Kenya in a
phased manner.
SBM Bank (Kenya) Ltd is a wholly-owned subsidiary of SBM Holdings Ltd

in which the Government of Mauritius has a stake. This transaction
thus introduces a strong and reliable financial institution into the
Kenyan market. Being the third largest listed company on the Stock
Exchange in Mauritius (SEM), SBM Holdings Ltd upholds a high standard
of corporate governance which permeates all its subsidiaries including
SBM Bank (Kenya) Ltd.
The banking entity in Mauritius, namely SBM Bank (Mauritius) Ltd, is
the flagship of SBM Holdings Ltd. With a domestic market share of 23%
for total advances (excl. GBL) and 21% for total deposits as at 31st
December 2017, SBM Bank (Mauritius) Ltd caters for a wide range of
customer segments including Personal, High Net Worth, SME,
Corporate, International and Financial Institutions. Aside from its wide
range of products and services, it also has multi-channel capabilities
including branches, ATMs, POS, internet banking, mobile banking and
call centres.
The CBLR transaction translates the vision of SBM Group to be a strong

player in the region, contributing to bring stability in the financial
sector in Kenya, first by the acquisition of Fidelity Commercial Bank in
May 2017 and now, the carved-out assets and liabilities of Chase Bank
Kenya Ltd (IR).

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10 July 2018

SBM to complete acquisition of certain assets and assumption of

SBM Holdings Limited is pleased to announce that its wholly owned

The process follows the Central Bank of Kenya’s (CBK) approval on

SBM Kenya will assume 75 percent of the value of deposits under

It is to be noted that Chase Bank is a commercial bank headquartered

SBM Holdings Ltd is a financial investment holding company listed on

SBM offers an extensive suite of products and services that include

SBM Bank (Kenya) Ltd is a wholly-owned subsidiary of SBM Holdings Ltd

The CBLR transaction translates the vision of SBM Group to be a strong

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