The Central Bank of Kenya (CBK) has approved Imperial Bank’s liquidation, paving the way for the sale of the bank’s remaining assets.
The Kenya Deposit Insurance Corporation has been in charge of Imperial Bank since it collapsed six years ago with money belonging to depositors, bondholders, and creditors (KDIC).
The majority of the funds have been utilized to compensate depositors over the last six years, including the sale of Sh3.2 billion in assets and liabilities to KCB Bank last year.
Read more about KCB taking over Sh3.1 billion in Imperial Bank accounts.
Only 4,300 depositors, or 8% of the total, have yet to get their money in full, according to CBK.
KDIC was selected by the banking regulator to liquidate the bank and handle payments to the bank’s remaining depositors, creditors, and bondholders.
*This article was written by Gerald Gekara for Uzalendo News. Email: uzalendonews24@gmail.com to submit your story.
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