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CBK approves the acquisition of imperial bank assets’ valued at 3.2 billion shillings

22, May 2020

The central bank of Kenya has approved the acquisition of imperial bank assets’ valued at 3.2 billion shillings, and assumption of liabilities of the same value by Kenya commercial bank. The move marks a milestone in the acquisition process of the lender which had been placed under receivership after flouting CBK guidelines.customers of the bank will henceforth beginning June 2, 2020, with enough collateral will be paid a total of 3.2 billion over a period of four years. Subsequently, the depositors will have cumulatively recovered 37.3 percent of the deposits since 2015 when payments were commenced. The approval comes a month after KCB reduced the portion of the loan book it intends to take over from the collapsed imperial bank to ksh3.5 billion. Initially, KCB had identified sh10 billion loans for a takeover before cutting the target to sh5 billion and later to sh3.5 billion.