Imperial Bank depositors protest outside the lender’s headquarters in Nairobi. PHOTO | FILE
By The EastAfrican Reporter
Imperial Bank's large depositors will now access some of their savings locked in the troubled lender from Wednesday.
The Central Bank of Kenya (CBK's) receiver manager, the Kenya
Deposit Insurance Corporation (KDIC), said Wednesday that all depositors
will get up to a maximum of 10 per cent of their deposits.
Those with less than Ksh200,000 ($2,000) in savings will be paid
in full while depositors with more will get a maximum of 10 per cent of
their deposits.
"Verified depositors will be able to access these funds through
NIC Bank as was the case for the second disbursement in July 2016. Any
new claims should be lodged and processed through NIC Bank," KDIC said
in a statement.
Imperial Bank was placed under receivership on October 13, 2015,
collapsing with a total of Ksh87 billion ($850 million) of depositors
money, largely due to irregularities and malpractices which exposed
depositors, creditors and the banking sector to financial risk.
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