SBM Group Chairman, Kee Chongli Kwong wing (second right), joins, Governor of the Central Bank of Kenya, Dr. Patrick Njoroge (3rd right), in a ribbon cutting ceremony to officially open the new SBM Bank branch at Riverside drive. Also present is, from left, SBM Kenya- Director, Sharad Rao, SBM Bank Kenya, Ag. CEO, Jotham Mutoka, SBM Holdings Limited, CEO India & East Africa, Moses Harding and Kenya Deposit Insurance Corporation Chairman, Mohamud Mohamud.
Depositors with moratorium deposits will have access to 50% of the funds transferred to SBM Bank (Kenya) Ltd through Savings and Current Accounts. The remaining 50% of the transferred moratorium deposits will be available equally over the next 3 years and will earn interest during this period.
SBM has committed to invest an additional $60 million (ksh. 6B) in the bank, which will take its total investment to $86 million (Ksh. 8.6 Billion). With the successful acquisition, SBM Bank Kenya is now a tier 2 bank.
SBM Bank Kenya was set up in May 2017 after SBM Group acquired a majority stake in Fidelity Commercial Bank Limited. SBM Group is a financial services group that is headquartered in Mauritius and that has operations in India, Kenya and Madagascar.