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KCB Bank Pays Out Funds to Imperial Bank Depositors

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KCB Bank Kenya Limited has commenced payment of funds to remaining eligible
depositors of Imperial Bank Limited (in receivership) (IBLIR) in the current tranche of disbursements.

The exercise which kicked off yesterday will see the depositors approved by the
receiver manager Kenya Deposit Insurance Corporation (KDIC) get partial access
to their bank balances.

On May 22, 2020, the Central Bank of Kenya (CBK) announced the acquisition of
assets valued at Ksh.3.2 billion and assumption of liabilities of the same value of IBLIR by KCB Bank effective June 2, 2020.

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Effectively, IBLIR depositors will be paid a total of Ksh.3.2 billion over a period of
four years. This means that the depositors will have cumulatively recovered 37.3
percent of the deposits since 2015 when payments commenced.

Under the transaction—a part asset transfer—that commenced in 2019, the
balances due to eligible depositors were to be paid out as follows; 12.5 percent on
completion of signing of the agreement; 12.5 percent on the first anniversary of the
signing; and 25 percent each on the second, third and fourth anniversaries
respectively

“This is significant progress in our efforts to ensure that Imperial Bank depositors
receive their long-awaited dues. We remain committed to support the recovery of
funds and we are optimistic that these efforts will be a success in the fullness of
time,” said KCB Group CEO and MD Joshua Oigara.

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