CharterHouse Bank branch in Mombasa (PHOTO: FILE)The Central Bank of Kenya (CBK) has appointed Kenya Deposit Insurance Corporation to liquidate Charterhouse Bank (CHB), 15 years after it was placed under statutory management over claims of money laundering. “The report indicates that because of the severe violations of the Banking Act by the bank and its inability to address them, liquidation is the only feasible option," Central Bank said in a statement. Eight of the branches were located at branches of the erstwhile Nakumatt Supermarket Stores, an associate of the bank through common shareholding. By 2006, CHB was classified as a small bank, ranked 30 out of 41 banks with an asset base of Sh4 billion and a market share of 0.55 percent. On June 23, 2006, CBK placed CHB under statutory management under Section 34(1) (d) of the Banking Act.

Source: Standard Digital May 07, 2021 11:55 UTC