Imperial Bank is a privately-owned commercial bank, which in 2015, the bank was placed under receivership due to inappropriate banking practices. Subsequently, CBK appointed Kenya Deposit Insurance Corporation (KDIC) as the receiver.
KCB Bank, effective from 2 June 2020, will assume certain assets and liabilities of Imperial Bank valued at USD 29.8 million. The amount, which represents 37.3% of deposits being recovered by the depositors since 2015, will be paid to Imperial Bank depositors over a period of four years.
According to Verdict, the decision to acquire Imperial Bank comes after KCB Bank received the necessary approvals from CBK and The National Treasury and Planning, in May 2020.
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