The Central Bank of Kenya is reportedly expected to choose its preferred buyer by June 23, 2017. Reportedly, France's Societe Generale Group (ENXTPA:GLE) and Mauritius based SBM Holdings Ltd (MUSE:SBMH.N0000) emerged as the frontrunners to acquire troubled Chase Bank (Kenya) Limited and majority-owned unit Rafiki Microfinance. KCB Group PLC (NASE:KCB), I&M Holdings Ltd., Stanbic Africa Holdings Limited and South Africa-based FirstRand Limited (JSE:FSR) were also reportedly among the companies interested in snapping up Chase Bank, though Stanbic and FirstRand did not show up to meetings with Chase Bank and Rafiki Microfinance executives.

The Central Bank of Kenya, which placed Chase Bank in receivership in April 2016 due to liquidity problems, is expected to choose its preferred buyer by June 23, according to the report, which added that the central bank wants the potential takeover to be completed before Sept. 30. The selected buyer is expected to have to inject capital into Chase Bank to enable the troubled lender to meet regulatory requirements.