The Chase Bank facility was second after Equity Bank secured $149 million (Sh15 billion) in July 2015. The Sh5 billion loan which African Development Bank had signed with troubled Chase Bank for on-lending to small and medium-sized enterprises is still intact, the development lender said yesterday. Negatu said AfDB plans to extend a further $75 million (Sh7.55 billion) to two more banks in tranches of $50 million (Sh5 billion) and $25 million (Sh2.5 billion) this year. Chase Bank was placed under receivership on April 7, a month after securing the lending facility, after it suffered a massive bank run in the wake of a qualified opinion on its financial statement by external auditors Deloitte. Under its SME support, the bank has a three-year commitment to set aside Sh60 billion for SMEs financing.

Source: The Star May 12, 2016 21:18 UTC