Kenya Commercial Bank (KCB) has acquired assets worth Ksh3.2 billion of Imperial Bank, which is under receivership.

KCB also assumed liabilities of the same value effective 2nd June.

“The Central Bank announces the acquisition of assets valued at Ksh3.2 billion and assumption of liabilities of the same value of Imperial Bank by KCB Bank,” the CBK said in a statement issued in Nairobi.

Accordingly, the depositors will be paid the recovered amount over a period of four years.

“From June 2, 2020, depositors will be paid a total of Ksh3.2 billion.”

The regulator noted that depositors of the troubled bank have recovered 3.7 per cent of their deposits since 2015.

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The lender had accumulated Ksh85.06 billion from the over 49,000 depositors.

Imperial Bank was put under receivership in 2015 after many cases of irregularities were reported.

Stable lenders gave been eyeing to buy the healthy part of the bank.

Attached is the full statement by Central Bank of Kenya.

Press-Release-Acquisition-of-Certain-Assets-and-Liabilities-of-Imperial-Bank-by-KCB-Bank

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Robert Mwangi

I am a professional journalist trained at Kenya Institute of Mass Communication, with experience in reporting; Current Affairs, Human Interest and General News. Let's connect and engage on Facebook ( Journalist Robert Mwangi) and Twitter (@robertmwangi254)