What does SBM’s purchase of Chase Bank mean for the depositors?

In April 2016, Chase Bank, a bank that was beloved of many Kenyan entrepreneurs and young people went into receivership after a scandal that threatened that reverberated across the banking sector, affecting many of the mid-tier and smaller Kenyan banks. It was alleged that the directors had misappropriated depositors funds, investing them in private real estate, and giving themselves and their buddies loans that were never repaid.

A few days later, Central Bank announced that they were evaluating a number of offers, and were going to announce a buyer soon (we speculated on this). The CBK Governor then went ahead to announce that KCB would be buying the bank, after a due diligence process. This transaction did not go through.

Yesterday (17th of April 2018), almost 2 years after the bank collapsed, Central Bank announced that they had finally signed a purchase agreement with SBM Mauritius, the same entity that bought Fidelity Bank and renamed it to SBM Kenya.

According to the CBK announcement, the purchase will lead to the following (and my interpretation of it):

1. SBM will take over 75% of Chase Bank’s deposits under suspension at Chase Bank, and the transfer of the majority of staff and branches of the existing operations. – This means that 75% of customer deposits currently held by Chase are safe. Meaning, 25% is gone, unfortunately. 
2. 25% of each transferred deposit will be held in a current account with SBM Kenya with unrestricted usage and no interest payable – My understanding is that this money (about 19% of total deposits currently held) will be immediately available to depositors. 
3. A further 25% will be held in a savings account with SBM Kenya, attracting interest at 6.65% with unrestricted usage – Same as above (19%) and accessible. 
4. The remainder will be held in a fixed term deposit earning interest at 6.65%, and will be accessible on the 1st, 2nd and 3rd anniversaries of the transfer (one third at each anniversary). – About 47% of the funds held in Chase bank currently will be in a fixed deposit and will be paid out in installments on the 1st, 2nd and 3rd year of the agreement. 
5. All current customer deposits will be transferred to SBM.

A few things are not clear from the announcement:

1. The date when the transfers will happen – and the money availed.
2. What happens to the loans. My assumption here is that the Kenya Deposit Insurance Corporation will continue to collect on these liabilities.

This marks the end of the Chase Bank story, at least with some relief for depositors.