Regions

German DEG acquires stake in Chase Bank Kenya worth USD10 million

November 18
6:07 AM 2013

German Investment and Development Corporation (DEG) recently acquired a stake in Kenyan lender Chase Bank for USD10 million. The amount of shares bought by DEG, however, remains undisclosed. 

In a statement released to Reuters on Monday, Chase said the proceeds from the deal would be used to fund the bank's expansion, including the establishment of new outlets across Kenya. 

DEG is a subsidiary of the German government-owned development bank KfW. It has a total of EUR4.6 billion in assets under management and an equity capital amounting to EUR1.80 billion, based from its latest annual report.

French investment firm Amethis Finance and responsAbility Participations AG in Switzerland are among Chase's other investors, the report said. 

Chase is a commercial bank focusing on small and medium-sized enterprises. According to its latest financial report, it has USD590 million in total assets under management. Chase is one of the fastest-growing banks in the industry, Reuters said.

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