The Central Bank of Kenya (CBK) has appointed NIC Bank as the asset and liabilities consultant for Imperial Bank (In Receivership). The move will see the Nairobi Securities Exchange-listed lender take charge of compensating depositors of the collapsed institution.
In addition, the agreement allows NIC to acquire some of the deposits, assets and liabilities of Imperial once its receiver manager the Kenya Deposit Insurance Corporation starts liquidating the bank.
“NIC will disburse on behalf of KDIC a maximum of Sh1.5 million each to the remaining Imperial depositors, as soon as the High Court’s suspension of payments to Imperial depositors is lifted, and subject to account and identity verifications that were conducted previously,” CBK said in a statement on Tuesday.
“Once completed on this basis, 45,700 depositors (equivalent to 92 per cent of depositors) will have been paid in full or not claimed their balances of less than Ksh.2.5 million.”
A High Court ruling on the suspension of payments is expected on July 4, 2016, CBK said.
NIC appointed by the receiver manager, CBK’s Kenya Deposit Insurance Corporation (KDIC), will assess the quality of Imperial’s assets and liabilities, support the recovery of the loans and provide guidance on other assets and on staffing.