Login

Lost your password?

Sign Up

Register

Login

Login

Lost your password?

Register

Monday, May 23, 2022
  • Home
  • Banking
  • Industry & Trade
  • Investing
  • Money Deals
  • Regional Markets
  • Tech & Biz
  • Countries
  • Opinion

Africa's
Investment
Gateway

The Exchange
  • Login
  • Register
Subscribe
This Month's Edition
Previous Editions
  • Home
  • Banking
  • Industry & Trade
  • Investing
  • Money Deals
  • Regional Markets
  • Tech & Biz
  • Countries
  • Opinion
No Result
View All Result
The Exchange
  • Home
  • Banking
  • Industry & Trade
  • Investing
  • Money Deals
  • Regional Markets
  • Tech & Biz
  • Countries
  • Opinion
No Result
View All Result
The Exchange
LOGIN
Abdulmalek JanMohammed, the brainchild behind the lofty bank ideal of Imperial Bank, was an aggressively ambitious man. After the bank collapsed, depositors can now access their funds from KCB branches www.exchange.co.tz

Abdulmalek JanMohammed, the brainchild behind the lofty bank ideal of Imperial Bank, was an aggressively ambitious man. After the bank collapsed, depositors can now access their funds from KCB branches. [Photo/Owaahh.com]

Payday for collapsed Kenya’s Imperial Bank depositors

by Njenga Hakeenah
December 22, 2018
in Banking, Countries, Industry and Trade
0
Share on FacebookShare on LinkedIn

The Kenya Commercial Bank (KCB) has finalized the process of settling claims by depositors of Imperial Bank Limited (In Receivership) (IBLR).

This follows the announcement by the Central Bank of Kenya (CBK) on December 11, 2018, appointing KCB Bank Kenya as an agent of Kenya Deposit Insurance Corporation (KDIC)—the IBLR receiver manager—to disburse the funds to the depositors.

The customers will access 12.7 per cent of eligible deposit balances remaining at IBLR from December 20, 2018, at any of the KCB branches across the country.

KCB had presented a Binding Offer to CBK in respect to release of depositors funds and verification of loans, which the regulator accepted.

The execution of the offer now paves the way for the verification of loans and controlled access to deposits.

Under the transaction, KCB is not acquiring IBLR and is in discussions with CBK and KDIC for the speedy resolution of IBLR.

KCB Group CEO and MD Joshua Oigara said: “This is a significant milestone which is yet another convincing marker of Kenya’s financial sector’s ability to offer viable solutions benchmarked against global best practice”

He added, “We have put in place robust processes to guide the next steps and we will communicate the way forward to IBLR customers within a few days.”

Depositors who have claimed in the past through KCB Bank and still have their accounts active will not be required to fill any claim form and their available funds will be directly credited into their respective KCB Bank accounts.

However, this group of depositors still need to counter check their account status with their respective KCB Bank branches.

Depositors who will be claiming their funds for the first time through KCB Bank are required to open an account with any of the KCB Bank branches and shall complete a claim form with the assistance of the bank officials who will forward the same to IBLR for processing.

The Binding Offer also outlines that KCB will complete the loan verification process within the first quarter of 2019. The loan verification process is expected to result in further recoveries for eligible depositors of IBLR.

This transaction offers KCB the opportunity to have a positive impact in the financial sector by providing businesses and individuals that had accounts with IBLR to continue with normal banking operations at KCB Group.

The Imperial Bank opened its doors in 1993 when there were only 15 banks. This number grew to 48 in less than a decade.

Abdulmalek JanMohammed, the brainchild behind the lofty bank ideal of Imperial Bank, was an aggressively ambitious man.

At the bank’s launch, JanMohammed was in an aura of prominence, probably to show that he was not starting a small bank.

According to an expose on how the bank was robbed, even the choice of name made it clear Abdulmalek had lofty, imperial dreams, for himself and his new baby. But he would turn its tagline “Looking after your interest!” into something else.

IBLR’s depositors will recover about Sh20.3 billion of the Sh58 billion in customer deposits the bank held as at the end of June 2015.

The bank had 52,398 deposit accounts at the end of 2014 with operations in Kenya and Uganda.

With 27 branches by the time it went under, these are some of the Imperial Bank assets that KCB may acquire after taking over of the collapsed lender’s loan book.

KDIC chief executive Mohamud Ahmed said Kenya’s largest bank by assets is conducting due diligence that will pave the way for the takeover of the unnamed branches.

However, KCB says it has no plans of taking over the troubled lender.

Read also;

Disciplinary Action to be Taken on Wayward Banks, Says KBA

Threats issued to CBK staff over imperial bank investigations

Tags: Abdulmalek JanMohammedBinding Offer to CBKCentral Bank of Kenya (CBK)Imperial Bank Limited (In Receivership) (IBLR)Joshua OigaraKCB Group CEO and MDKDIC Chief ExecutiveKenya Commercial Bank (KCB)Kenya Deposit Insurance Corporation (KDIC)Mohamud Ahmed

STATE OF ECONOMY - GET THE REPORT

ASSESSING EAST AFRICA

Loading...

Njenga Hakeenah

I have 10 years of experience in multimedia journalism and I use the skills I have gained over this time to meet and ensure goal-surpassing editorial performance. Africa is my business and development on the continent is my heartbeat. Do you have a development story that has to be told? Reach me at [email protected] and we can showcase Africa together.

Related Posts

Zimbabwe is cracking down on individuals it terms illegal forex traders. www.theexchange.africa
Countries

Policy inconsistency driving up inflation in Zimbabwe

May 23, 2022
KARSTEN BUNDGAARD/ROYAL DANISH LIBRARY. The Royal Library in Copenhagen, Denmark built with black granite from Zimbabwe. (Photo/ Pindula)
Industry and Trade

Zimbabwe’s black granite value-addition, beneficiation record major milestone

May 23, 2022
Zimbabwe President Mnangagwa (with scarf) with Swiss Bioceuticals Limited at the commissioning of the cannabis farm and processing plant (Photo/ Farmers Review Africa)
Industry and Trade

Medicinal cannabis farming takes root as Zimbabwe starts licensing farmers

May 20, 2022
Next Post
Mango trees in one of the Sudan regions. Sudan’s total arable land is about 200 million feddan out of which only 30 million feddan is cultivated with mangoes being among the best potential crops to farm. www.exchange.co.tz

Sudan’s best crop investments

A previous police inspection in Iringa. Starting January 2019, overloaded vehicles will face heavy penalties in Tanzania following the enactment of the Vehicle Load Control Act www.exchange.co.tz

Tanzania to make billions from road penalties

IFC CEO Philippe Le Houérou (R). He signed agreements among them one that will allow IFC to support Ethiopian banks as part of a Global Trade Finance Programme www.exchange.co.tz

IFC's larger role in Ethiopia’s development

Please login to join discussion




This months edition

May Edition

Features

EdTech role in African development
Tech & Business

EdTech’s role in African development

by Kanyali Muthui
May 16, 2022
0

Due to the pandemic, the topic of innovation in education has never been more crucial.  While most developed countries moved...

Read more
investment in African science and technology
Tech & Business

Investing in Africa’s science and technology: Where are we now?

by Kanyali Muthui
May 16, 2022
0

The continent’s digital revolution can largely be driven by building the necessary skills for the short- and long-term future, and...

Read more
Fintech revolution in Africa
Tech & Business

The Fintech Revolution in Africa’s FX Markets

by Kanyali Muthui
May 11, 2022
0

With over 548 million registered mobile money users in sub-Saharan Africa, increased internet access and readily available mobile money solutions,...

Read more
www.theexchange.africa
Countries

US – Nigeria Trade Relations: An Overview

by Wanjiku Njugunah
May 2, 2022
0

Nigeria is currently the United States' 54th largest goods trading partner, with US$7.8 billion in total goods trade as of...

Read more
A previous conference for African Insurtech sector. The Insurtech boom is deepening insurance uptake in Africa. www.theexchange.africa
Tech & Business

Insurtech boom deepening the uptake of insurance in Africa

by june njoroge
May 2, 2022
0

Kenya-based Pula is another distinguished insurtech making waves in the continent. It provides small scale farmers with agricultural insurance and...

Read more

News

Banking
Industry & Trade
Investing
Money Deals
Regional Markets
Tech & Biz
Opinion

Countries

Kenya
Tanzania
Uganda
Burundi
Rwanda
Southern Africa
Ethiopia

More

My Account
Contact us
Advertise
About us
Help Center

Subscribers Center

E-paper
Premium Stories
Education Rates
Corporate Subscriptions
Weekely Newsletter

  • My account
  • About us
  • Advertise
  • Contact
  • Privacy Policy
  • Refund Policy – The Exchange
  • Sitemap

No Result
View All Result
  • Home
  • Banking
  • Industry & Trade
  • Investing
  • Money Deals
  • Regional Markets
  • Tech & Biz
  • Countries
  • Opinion
  • Login
  • Sign Up
  • Cart

© 2021 The Exchange - Powered by MediapixManaged by Supported by Digihandler,

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In