COUNTIES HIT BY EFFECTS OF CHASE BANK CRISIS

chase bank of kenya

 By Bentura Kwamboka.

The collapse of Chase bank last week has started taking effect effects on workers in Kisii, Trans Nzoia and Kilifi county governments.


Kisii ward representatives failed to get salaries wired to their accounts at the bank’s local branch yesterday while Kilifi County government’s  had sh11 million at the chase bank account.

Also affected by the closure are students who get their bursary from the Trans Nzoia counties bursary kit in which about Sh50 million has gone down with the bank, the amount was part of Sh68 million put in the first phase of the Elimu Bursary Fund launched by Governor Patrick Khaemba.

Meanwhile, Meru Governor Peter Munya has called for a review of Chase Bank receivership period for the affected counties to cope with the situation.

Four top managers of the biggest local banks including NIC, Equity, Barclays and KCB, have called for enforcement of tougher laws to curb dangerous practices that have shaken the banking industry.