Central Bank accepts KCB’s offer for Imperial Bank

Imperial Bank depositors can now access 12.5% of their deposits after the Central Bank of Kenya and the Kenya Deposit Insurance Company (KDIC) accepted the binding offer from Kenya Commercial Bank (KCB) group.

In a statement to newsrooms, KDIC and CBK said the depositors would access the funds in another two weeks subject to verification.

KCB group had in September this year offered to take over the lender that was placed under receivership in October of 2015.

CBK says the offer by KCB is a viable proposal for the resolution of the lender’s problems.

The announcement comes only days after NIC Bank and CBA group announced commencement of merger talks.