44,300 Imperial Bank customers to access their deposits

The Imperial Bank head office on Westlands Road in Nairobi. PHOTO | FILE 

By OTIATO GUGUYU AND GEORGE NGIGE

The Central Bank governor Dr Patrick Njoroge has said the Kenya Deposit Insurance Corporation has provided Sh8 billion to KCB and Diamond Trust Bank to pay small depositors of Imperial Bank and ease the build up of anxiety among depositors.

Mr Njoroge said the depositors with less than one million shillings in saving will be paid in full by the two banks under the arrangement while those with more than a million in deposits will get a maximum of Sh1m and wait for further communication.

"KCB and DTB will in the immediate future pay each IBL depositor up to a maximum of Sh1 million, subject to account and identity verifications. On this basis, 44,300 depositors will get full access to their deposits," said in a statement.

READ: Imperial Bank chief links CBK staff to fraud

"Expected date of completion by end of March 2016, including treatment of current bond holders,"

The bank said all borrowers are expected to continue making their repayments.