KCB further cuts Imperial Bank loans takeover to Sh3.5 billion

KCB further cuts Imperial Bank loans takeover to Sh3.5 billion - Business Daily

By OTIATO GUGUYU
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Summary

• KCB's initial review had identified Sh10 billion loans for takeover before cutting the target to Sh5 billion and now Sh3.5 billion.
• The amount has dropped sharply after the lender failed to validate a huge chunk of the assets, leaving Kenya Deposit Insurance Corporation (KDIC) with the laborious process of verification.
• Imperial Bank was placed under receivership in October 2015, after the board of the privately-owned lender alerted authorities to suspected malpractices.

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By OTIATO GUGUYU
More by this Author

Summary

• KCB's initial review had identified Sh10 billion loans for takeover before cutting the target to Sh5 billion and now Sh3.5 billion.
• The amount has dropped sharply after the lender failed to validate a huge chunk of the assets, leaving Kenya Deposit Insurance Corporation (KDIC) with the laborious process of verification.
• Imperial Bank was placed under receivership in October 2015, after the board of the privately-owned lender alerted authorities to suspected malpractices.

Menu

By OTIATO GUGUYU
More by this Author

Summary

• KCB's initial review had identified Sh10 billion loans for takeover before cutting the target to Sh5 billion and now Sh3.5 billion.
• The amount has dropped sharply after the lender failed to validate a huge chunk of the assets, leaving Kenya Deposit Insurance Corporation (KDIC) with the laborious process of verification.
• Imperial Bank was placed under receivership in October 2015, after the board of the privately-owned lender alerted authorities to suspected malpractices.