KCB to take over 7.5% of Imperial Bank's outstanding deposit balance.

KCB will take over 7.5 % of the outstanding deposit balance of Imperial Bank’s deposits. The deal will push the recovery rate to depositors of Imperial Bank (under receivership) to reach 40%. The total recovery rate will reach Ksh31.7 billion out of the total amount of eligible deposits of Ksh. 70.9 billion.

However, the recovery rate will not include loan balances undergoing legal verification.

The new recovery will help depositors access their funds as CBK and KDIC pursue outstanding loan balances.