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Kenya's central bank receives proposals for Imperial Bank

By Reuters | Published Mon, April 16th 2018 at 14:03, Updated April 16th 2018 at 14:07 GMT +3
Imperial Bank branch

NAIROBI, KENYA: Central bank said it has received proposals from potential buyers of a small lender that has been in receivership for more than two years.

Imperial Bank Limited was placed under receivership in October 2015, after the board of the privately-owned lender alerted authorities to suspected malpractices.

In a joint statement the Central Bank of Kenya and Kenya Deposit Insurance Corporation (KDIC) said they had received “proposals from selected bidders with respect to Imperial Bank Limited”.

KDIC is a state body that protects depositors in the case of a bank failure.

Both institutions had assessed the proposals and put suggestions to the bidders on how to improve the bids “in order to maximize the value for depositors. We expect to receive the revised proposals shortly.”

Placing Imperial Bank under receivership rattled confidence in Kenya’s financial sector where more than 40 foreign and local players operate. The move followed shortly after the liquidation of a smaller bank.

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