Khusoko – East African Markets
    Facebook Twitter Instagram
    Khusoko – East African MarketsKhusoko – East African Markets
    • NEWS
    • ECONOMY
      • BANKING & FINANCE
      • COMPANY
      • MARKETS
    • INDUSTRY
      • AGRICULTURE & ENVIRONMENT
      • HEALTH & WELLNESS
      • PROPERTY
        • RETAIL
      • TECHNOLOGY
        • ELECTRONICS
    • ENTREPRENEURSHIP
      • ENTREPRENEURS
      • PEOPLE
      • PERSONAL FINANCE
    • SPORTS
    • COMMENTARY
    • ARTS & CULTURE
      • BOOKS
      • ENTERTAINMENT
      • FAMILY & RELATIONSHIPS
      • FASHION & STYLE
      • FOOD & DRINK
      • TRAVEL & LEISURE
    Khusoko – East African Markets
    BANKING & FINANCE

    Central Bank of Kenya Approves Liquidation of Charterhouse Bank Limited

    KhusokoBy Khusoko2021-05-08Updated:2021-05-08No Comments2 Mins Read
    Central Bank of Kenya Kisumu Branch I Khusoko

    The Central Bank of Kenya (CBK) has approved the liquidation of Charterhouse Bank (CHB) Limited by appointing Kenya Deposit Insurance Corporation (KDIC) as its liquidator.

    The lender has been under statutory management since 23rd June 2006 as a consequence of “…severe violations of the Banking Act by Charterhouse Bank relating to lending, the accuracy of returns submitted to CBK, and failure to obtain account opening documentation for a number of customers.”

    The Statutory Management Report by the Statutory Manager on May 6, 2021, recommended that CHB be liquidated.

    “The report indicates that in view of the severe violations of the Banking Act by CHB and its inability to address them, liquidation is the only feasible option,” the CBK said Friday.

    CHB was set up in 1996 after taking over the operations of Middle East Kenya Finance Limited. The institution then converted to a full-fledged Bank in 1998.

    It had ten branches in Nairobi, Kisumu and Mombasa, 8 of these branches at the then Nakumatt Supermarket, an associate of CHB.

    By 2006, CHB was positioned at 31 out of 41 with an asset base of KSh 4 Billion and a market share of 0.55%. 

    It had 428 loan accounts valued at KSh 2.9 Billion and 4,699 deposit accounts valued at KSh 2.9 Billion.

     becomes the second lender in a span of three weeks to undergo liquidation after Chase Bank Limited on 16th April 2021.

    Central Bank of Kenya Charterhouse Bank Limited
    Khusoko

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

    Related Posts

    Madaraka Day: Kenya Launches The Hustler Group Loan

    2023-06-01

    CAK Approves Hope Advancement’s 51pct Acquisition of Smep Microfinance Bank

    2023-05-29

    Esther Kariuki Named African Banker of the Year 2023

    2023-05-28

    Leave A Reply Cancel Reply

    Our Language is Flirty
    https://www.facebook.com/flirtynailsparlour/
    MORE TOP STORIES
    • Why Is the Price of Sugar Being Watched in Kenya?
    • Madaraka Day: Kenya Launches The Hustler Group Loan
    • Kenya Inflation Rate: CPI Rises To 8% in May 2023
    • Waithera Kabiru To Lead Diageo’s Africa Digital Hub in Kenya
    • Pesapal Unveils Real-Time Payments Settlement In Kenya
    • Facebook
    • Twitter
    • LinkedIn
    Facebook Twitter LinkedIn
    • ABOUT US – KHUSOKO
    • PRIVACY POLICY
    • KHUSOKO STANDARDS GUIDE
    © 2023 Khusoko. All Rights Reserved.

    Type above and press Enter to search. Press Esc to cancel.