SBM Kenya to close for 2 days for system upgrade

Mauritius-based SBM Holdings, through its Kenya subsidiary, will temporarily shut down all its branches over the weekend for a systems upgrade.
The bank in a notice on Thursday to its customers said that it will be integrating its core banking systems “to enable you to enjoy a convenient banking experience and a wider range of products and services.”
“We shall be carrying out the final steps of a scheduled core banking system integration this weekend,” said the bank in an emailed notice beginning December 1st and 2 December. “Full banking operations resume on Monday 3rd December at their respective banking hours.”
However, customers will still access banking services through alternative channels.
In April 2018, SBM completed the take over of Chase Bank Limited (in receivership) after the Central Bank of Kenya and the Kenya Deposit Insurance Corporation (KDIC) signing off on the acquisition.
SBM Kenya acquired selected assets and matched liabilities that include the transfer of 75% of the value of deposits currently under moratorium and the transfer of all staff and branches of the existing Chase Bank Kenya operations.
Non-moratorium depositors continue to have full unrestricted access to their funds.
For the 75% of moratorium deposits to be transferred to SBM Kenya, 25 percent of each transferred deposit is held in a current account with SBM Kenya, with unrestricted usage and without interest being payable thereon.

Multimedia platform providing analysis of business & financial news in East Africa.

Leave a comment
scroll to top