The recent shutdown of Chase Bank has locked in Sh1.9 billion belonging to the Kenya Tea Development Agency (KTDA).
The collapse of Chase Bank is likely to have a serious negative impact on KTDA’s liquidity, coming hardly six months after the closure of Imperial Bank cut its access to another Sh2.9 billion.
The account in the troubled Chase Bank is one of the 21 that KTDA operates. Managing director Lerionka Tiampati said the agency opted to open numerous accounts in different banks as a risk mitigation measure.