Relief for depositors as central bank accepts KCB’s bid to acquire Imperial Bank

The Central Bank of Kenya (CBK) and the Kenya Deposit Insurance Corporation (KDIC) have accepted the binding offer received from KCB Group to acquire Imperial Bank Limited.
This means depositors will be able to receive 12.7% of their balances.
“The binding offer accepted, includes granting access to 12.7% of eligible depositor balances remaining at IBLR within 14 days of this announcement, subject to account and identity verifications,” said the joint statement.
“Combining this with earlier disbursements will result in a total recovery of approximately 35% of original eligible deposits held at the date of receivership.”
In the accepted offer KCB will complete the loan verification by end of next March. 
“The loan verification process is expected to result in further recoveries for eligible depositors of IBLR,” the statement adds.
Imperial Bank Limited (In Receivership) was placed under receivership in October 2015.