Standard Chartered Bank Kenya has moved to calm investor and market concerns following the Supreme Court’s decision striking out its appeal in a long-running pension dispute.

In a statement on Monday, the listed lender confirmed it had “initiated a structured process” to comply with the judgment and pledged to keep affected pensioners updated throughout the process.

The Supreme Court ruling effectively brought to an end a two-decade legal battle, affirming the jurisdiction of the Retirement Benefits Authority (RBA) Tribunal in resolving pension disputes.

The judgment requires Stanchart to refund KSh 1.1 billion to the pension fund and recalculate benefits for 629 retirees, including arrears and interest dating back as far as 2000 and 2009. The total payout is estimated at over KSh 7 billion.

“We have initiated a structured process to execute the judgement in accordance with legal requirements and are committed to maintaining open communication with affected pensioners,”
said the bank.

The lender further assured stakeholders of its strong financial position, saying it remains adequately capitalised to meet the obligations without affecting its operations.

The ruling closes the final legal avenue for Stanchart Kenya in the matter, which has been closely watched by the financial sector for its implications on pension governance and the authority of the RBA Tribunal.