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Chase Bank loss...another case of cooking the books?
Rank: Elder Joined: 4/22/2010 Posts: 11,522 Location: Nairobi
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alma1 wrote:And this is what he has to say
Which means that all that was said here on wazua and elsewhere was known to them and they were dealing with it.
Then the rumor mongers came in
So forgive me for believing the person who everyone here is calling a hero on the exact reasons why Chase Bank is in receivership.
They knew they had a problem. They were figuring out how to deal with it. Then some paid hacks on social media went on overdrive and everyone went to the bank to collect their money.
If that happened at Equity, they too would be under receivership within minutes. Now watch Rafiki.
Ni hayo tu. @Alma1 this thing did not start yesterday surely...yesterday just compounded matters. possunt quia posse videntur
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Rank: Veteran Joined: 4/16/2014 Posts: 1,420 Location: Bohemian Grove
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maka wrote:whiteowl wrote:After analyzing NPL and NPL provisions,these are the safest places to bank right now:
1.Under your mattress
2.I&M bank
3.DTB
4.Stanchart bank.
I feel sorry for bondholders who will get nothing and guys who had more than 1M in the account. Thought bond holders will be paid after depositers? Yes but will there be cash left after depositors are paid? Going by the Imperial bank case
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Rank: Elder Joined: 9/20/2015 Posts: 2,811 Location: Mombasa
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kollabo wrote:mlennyma wrote:This shows the rot in the previous cbk' governors tenure when a competent dude takes charge Bitter pill of tribalism and political patronage. Banking revolution is now! John 5:17 But Jesus replied, “My Father is always working, and so am I.”
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Rank: Elder Joined: 9/19/2015 Posts: 2,871 Location: hapo
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@maka That's the CBK governor I'm quoting not much know. He has stated that the issues did not start yesterday. In fact they started in October. But he has stated clearly that they were resolving the issue with shareholders and investors. It's very clear isn't it? But the problem came yesterday. That's him saying it, not me. From the social media hacks. Now unless you are calling the Governor a liar, I don't know where alma is coming in. So you have two options. Believe what the CBK governor is saying is true. I tend to believe him...Or don't believe him. So that when he says that the banking sector is going to do well, you go to your current bank and take out your money. Right now! Thieves are not good people. Tumeelewana?
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Rank: Veteran Joined: 11/14/2006 Posts: 1,311
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Impunity wrote:wa P wrote:alma1 wrote:maka wrote:alotoftalk wrote:alma1 wrote:This bank was brought down by chocho media harlots eg Nyakundi.
When will Kenyan companies learn that they need reputation managers online to deal with such rumors. Not the usual PR companies or social media companies. Hardcore reputation managers who can as Impunity said "send sperm" to competitors?
Very sad indeed. Not only PR but also a blackhat who can hack such bloggers before things get out of hand. There is a bigger issue in this matter... Maka call me paranoid but I think this bank was going to survive. It's not the first time that a board has resigned because of poor results. It's supposed to happen that way. It's not the first time that loses have been made. This bank just went topsy turvy when chocho media rumors went on overdrive. Some of the posts were simply "I have withdrawn my money from the bank" I don't care which bank you are, if you don't nip such upus quickly, you shall not meet your liquidity ratio in the evening. Unless you are saying there's a guy who's going to court soon for robing the depositors. If your business attracts flies, it stinks. Do not blame the flies (social media). How can you ignorantly refuse to compare: 1. their Q3 results 2. Full 2015 Results 3. The restated position yesterday. Social media did not make deloitte give them a 'qualified opinion' (although, i will believe that when i see it) Social media did not make Kabue and Khan guy to resign. There are couple other banks that will not pass smell test still. I think its not over until a bigger bank (tier 1) has danced. And this could be #member!  FACT: When Imperial bank was put under receivership, some banks had cash run from their customers. However some like Member and Lion had new accounts and funds into Billion shillings moved there within a month. I understand even SCB stopped accepting FDs for a while.
You can expect the same to happen again in April..... Member and Lion will be the biggest beneficiaries of what is happening in the banking sector.
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Rank: Veteran Joined: 7/1/2014 Posts: 927 Location: sky
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whiteowl wrote:After analyzing NPL and NPL provisions,these are the safest places to bank right now:
1.Under your mattress
2.I&M bank
3.DTB
4.Stanchart bank.
I feel sorry for bondholders who will get nothing and guys who had more than 1M in the account. Oct 2015 Chase Bank raised Ksh 10 Billion from the Bond Market Oversubscribed by 161% investor confidence melting fast, it will be hard to raise funds going foward imperial bank bond holders,transcencury bond holders, home africa bondholders and now chase bank bond holders and soon it will trickle down to share holders at nse There are only two emotions in the stock market, fear and hope. The problem is, you hope when you should fear and fear when you should hope
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Rank: User Joined: 8/15/2013 Posts: 13,237 Location: Vacuum
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whiteowl wrote:After analyzing NPL and NPL provisions,these are the safest places to bank right now:
1.Under your mattress
2.I&M bank
3.DTB
4.Stanchart bank.
I feel sorry for bondholders who will get nothing and guys who had more than 1M in the account. what about time for more? If Obiero did it, Who Am I?
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Rank: Elder Joined: 3/18/2011 Posts: 12,069 Location: Kianjokoma
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Obi 1 Kanobi wrote:
Very true @Liv.
Blaming access to information for the fall of Chase Bank is akin to shooting the messenger coz you don't like the message.
But Alma has a point. If we start shouting 'Inaanguka' at every issue that comes up we'll end up with many collapsed banks and possibly a depressed financial sector and slower econ growth Then the big boys of this sector will take over and take us back to the impunity of the 90s and before! Sad for all!!
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Rank: User Joined: 8/15/2013 Posts: 13,237 Location: Vacuum
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waaaah Quote:Users browsing this topic
alma1, deadpoet, Forester, Guest (60), Impunity, innairobi, jano, Karisblue, littledove, Liv, lochaz-index, Lolest!, Mkenya_2000, mlennyma, ngapat, Swenani, wal6807, whiteowl shareholders wa chase bank If Obiero did it, Who Am I?
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Rank: Elder Joined: 7/21/2010 Posts: 6,194 Location: nairobi
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Swenani wrote:whiteowl wrote:After analyzing NPL and NPL provisions,these are the safest places to bank right now:
1.Under your mattress
2.I&M bank
3.DTB
4.Stanchart bank.
I feel sorry for bondholders who will get nothing and guys who had more than 1M in the account. what about time for more? you can't ignore, kcb by any means "Don't let the fear of losing be greater than the excitement of winning."
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Chase Bank loss...another case of cooking the books?
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