Large Imperial Bank depositors to get their money
Wednesday December 28 2016
Imperial Bank depositors protest outside the lender’s headquarters in Nairobi. PHOTO | FILE
Imperial Bank's large depositors will now access some of their savings locked in the troubled lender from Wednesday.
The Central Bank of Kenya (CBK's) receiver manager, the Kenya Deposit Insurance Corporation (KDIC), said Wednesday that all depositors will get up to a maximum of 10 per cent of their deposits.
Those with less than Ksh200,000 ($2,000) in savings will be paid in full while depositors with more will get a maximum of 10 per cent of their deposits.
"Verified depositors will be able to access these funds through NIC Bank as was the case for the second disbursement in July 2016. Any new claims should be lodged and processed through NIC Bank," KDIC said in a statement.
READ: NIC to compensate Imperial Bank depositors in new deal
Imperial Bank was placed under receivership on October 13, 2015, collapsing with a total of Ksh87 billion ($850 million) of depositors money, largely due to irregularities and malpractices which exposed depositors, creditors and the banking sector to financial risk.
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