NIC Bank Group managing director John Gachora (left) and Central Bank
Governor Patrick Njoroge on June 21, 2016. PHOTO | DAVID HERBLING
By VICTOR JUMA, vjuma@ke.nationmedia.com
In Summary
The Central Bank of Kenya (CBK) has appointed NIC Bank
the asset and liabilities consultant for Imperial Bank (In
Receivership) in a move that will see the Nairobi Securities
Exchange-listed lender take charge of compensating depositors of the
collapsed institution.
The agreement also allows NIC to acquire some of the
deposits, assets and liabilities of Imperial once its receiver manager
the Kenya Deposit Insurance Corporation starts liquidating the bank.
“NIC will disburse on behalf of KDIC a maximum of
Sh1.5 million each to the remaining Imperial depositors, as soon as the
High Court’s suspension of payments to Imperial depositors is lifted,
and subject to account and identity verifications that were conducted
previously,” CBK said in a statement on Tuesday.
“Once completed on this basis, 45,700 depositors
(equivalent to 92 per cent of depositors) will have been paid in full or
not claimed their balances of less than Ksh.2.5 million.”
A High Court ruling on the suspension of payments is expected on July 4, 2016, CBK said
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