Kenya’s Chase Bank placed under receivership by Central Bank Kenya
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Central Bank of Kenya announced in a statement published on April 7 it has placed Chase Bank Ltd under receivership for a year to protect its creditors, depositors and all its clients. “Chase Bank Ltd experienced cash flow difficulties following inaccurate social media reports and the stepping aside of two of its directors. The bank was not able to meet its financial obligations on April 6, 2016,” the Central Bank said in its statement.