The Kenya Commercial bank will take over five more Imperial Bank Limited in Receivership (IBLIR) branches, Central Bank of Kenya (CBK) has announced.
In a statement, the Central Bank of Kenya and the Kenya Deposit Insurance Corporation said the move will see the recovery of another 19.7 percent of deposits owed to Imperial Bank customers to bring the total recovery to an approximate 54.7 per cent.
This follows the release of 35 percent of funds in December 2018.
“CBK and KDIC reiterate their commitment to protect the interest of depositors, creditors, and the wider public interest. This is in keeping with their respective mandates and in accordance with the Laws of Kenya,” the pair noted.
The remaining deposits will be released in three tranches with 12.5 per cent of funds being released upon the signing of the final binding offer.
Late last year, information from KICD and CBK indicated that the takeover deal would be completed by March this year.
Imperial Bank went under in October 2015 and CBK placed it under the management and control of the KDIC over what it termed as unsound business practices.