Kenya Commercial Bank Set To Take Over Defunct Imperial Bank

The Kenya Commercial Bank (KCB) is poised to take over defunct Imperial Bank Limited, which was placed under receivership in October 2015.

The announcement was made yesterday by the Central Bank of Kenya (CBK) and Kenya Deposit Insurance Corporation (KDIC), who revealed that KCB submitted a binding offer on September 27.

“Central Bank of Kenya and Kenya Deposit Insurance Corporation announce the receipt of a binding offer dated September 27, 2018, from KCB Bank Kenya Limited with respect to Imperial Bank Limited (in receivership) as part of the Expression of Interest (EOI) process that was announced on October 13, 2017,” read a joint statement from CBK and KDIC.

CBK and KDIC did not however reveal details of the offer, saying they will do so in a meeting with depositors and as soon as the binding offer has been fully assessed.

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Imperial Bank collapsed after it emerged that it was operating two sets of books, with a potential fraud of $449 million (Sh44.9 billion).

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