News Column

Chase Bank BoW

September 4, 2014

Region : Sub-Saharan Africa Company name : Chase Bank Ke Sector : O-AH - Commercial Banking - SME Finance Department : Global Industry, Financial Markets Environmental category : FI2 Status : Pend PDS-IR Date SPI disclosed : September 3, 2014 Projected board date : October 6, 2014 Last Updated Date : September 3, 2014 Project Description : Chase Bank (Kenya) Limited ( Chase , or the Bank ) is a Tier II bank in Kenya with primary operations in banking. The Bank has two wholly owned subsidiaries: Rafiki Microfinance Bank Limited, a deposit taking microfinance institution established in 2011; and Chase Insurance Agencies Limited, an insurance broker established in 2010. The Bank commenced operations in 1996 and has since undergone a transformation to become a leading second tier bank with 34 branches, a strong niche in the SME segment and a noticeable market share of 2.8% by total assets and 2.7% by total deposits as of YE2013 in a very competitive market. The Bank also offers a range of Islamic Banking services through Chase Iman. In addition, Chase has an associate company in the stock brokerage business known as Genghis Capital. The proposed project consists of a US$25 million senior loan to Chase to provide financing to women-owned small and medium enterprises ( WSMEs ) and SMEs. The financing package will be complemented with Advisory Services targeted at improving the Bank s internal SME banking capacity and in particular its women markets franchise. Project Sponsor and Major Shareholders of Project Company : Chase is an IFC existing client under the Global Trade Facility Program ( GTFP ), and it is privately held by a consortium of local and international investors. The key shareholders of the bank are Sheghas Limited with a 14.48% stake, Rinascimento Global Limited with 11.91% as of YE2013. Institutional investors include Deutsche Investitions und Entwicklungsgesellschaft (DEG) (6.84%,), ResponsAbility Investments AG (3.49%), and Amethis Africa Ltd (11.32%.). Total Project Cost and Amount and Nature of IFC~s Investment : The total cost of the project is estimated at US$25 million. The proposed investment is a US$25 million A loan for IFC s own account, including a US$12.5 million earmarked for women owned SMEs. Location of Project and Description of Site : The Bank is headquartered in Nairobi, Kenya and has 34 branches and 275 agents across the country. IFC s investment will be used to finance the growth of the small and medium enterprises ("SMEs") portfolio and the women-owned SME ( WSMEs) portfolio of the Chase Woman Program throughout the country. Expected Development Impact : 1) Financial Inclusion: The proposed project will increase access to finance to underserved segments by on-lending to SMEs, women-owned businesses and Islamic population in Kenya. 2) Job Creation: Create more jobs and reduce poverty by providing financing to Kenyan SMEs and women businesses that are key drivers to private sector develop

Project completion date : 2015-12-31 12:00:00

Major organization : CHASE BANK (KENYA) LTD.

Address : Riverside Mews P.O.Box 66049 00800 Nairobi

Country :Kenya

Url :

Financier : International Finance Corporation (IFC),

Financier address : International Finance Corporation (IFC) 2121 Pennsylvania Avenue, NW Washington, DC 20433 United States Website : Tel : (202) 473-3800 Fax : (202) 974-4384

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Source: TendersInfo (India)

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