Imperial bank depositors will get Sh 3.2 billion over the next four years beginning June 2020, following government’s approval of the lender’s assets acquisition by Kenya Commercial Bank.
Central Bank of Kenya and the National Treasury have approved acquisition of assets by KCB valued at Sh 3.2 billion and assumption of liabilities of a similar value of Imperial bank that is currently under receivership.
“From June, 2,2020, IBLIR depositors will be paid a total of Sh. 3.2 billion over a period of four years,”said CBK in a statement today.
CBK made approvals on May 4, 2020 while Cabinet Secretary for the National Treasury and Planning made approvals on May 14, 2020.
Subsequently, the depositors will have recovered 37.3 percent of the deposit since 2015 when payments commenced.