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Imperial Bank depositors to access 12.7% of their cash

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Those who had deposits in Imperial Bank that was placed under receivership have been allowed to access 12.7 percent of their cash.

This brings to 35 percent the cash deposits accessed by the bank’s customers.

KCB Kenya which had been appointed the receiver bank for Imperial Bank says it has no plans of acquiring the troubled lender.

The funds made available through the liquid assets after KCB Kenya finalized the process of settling claims by depositors of Imperial Bank that was placed under receivership.

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KCB Kenya an agent of Kenya Deposit Insurance Corporation who are the receiver manager said Imperial Bank customers will access 12.7% of eligible deposit balances through KCB branches.

KCB says it now plans to start the process of verification of loans and controlled access to Imperial Bank deposits.

KCB Kenya which has been serving as the receiver bank for Imperial Bank says it has no plans of taking over the troubled lender.

Kenya Deposit Insurance Corporation (KDIC) CEO Mohamud Ahmed Mohamud said the transaction offers KCB the opportunity to have a positive impact on the financial sector by providing businesses and individuals that had accounts with Imperial Bank to continue with normal banking operations.

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