Imperial Bank customers to get 10pc of their deposits

The Kenya Deposit Insurance Corporation (KDIC) has begun processing payments for Imperial Bank depositors who still have money held up in the bank.

The payment will favor Imperial Bank’s large depositors who have been unable to gain access to their funds.

This will be the third disbursement of funds since the bank was placed under receivership in October 2015.

According to KDIC, Imperial Bank depositors will receive up to 10 percent of their deposits still held in the bank.

Those who will qualify will have to have a minimum of Sh200,000in the bank.

“The disbursements to verified depositors will amount to a maximum of 10 percent of the current deposits, subject to a minimum of Sh200,000, or actual deposit amount for balances below Sh200,000,” KDIC said in a statement.

Over the past one year, 44,300 Imperial Bank customers who had Sh1 million or less have been fully paid

Since 2015, depositors have accessed Sh2.5 million of their deposits.

The first Sh1 million was processed by KCB and DTB in December 2015, while a further Sh1.5 million was made available through NIC Bank in August.

The payments will be processed by NIC Bank which in July was appointed as the assets and liabilities manager for Imperial Bank.

“Depositors who will be claiming their funds for the first time are required to present their claim forms not later than January 31, 2017. Completed forms should be delivered to any NIC Bank branch or the following IBLIR branches – Diani, Kilifi, Malindi, Watamu and Parklands,” KDIC said.

Large depositors have for the past one year agitated for the reopening of the bank to be able to access their funds.

The CBK however extended the bank’s receivership period to March 2017 as it sought more time to recover stolen funds.

The banking regulator urged borrowers who had taken loans with Imperial Bank to continue making their payments.

“The recovery of IBL loans will continue, which will allow access to additional resources by depositors and other stakeholders. All IBL borrowers should continue making payments on their loans as is currently required,” the Central Bank of Kenya said in a statement.