Competition Authority of Kenya (CAK) has authorized KCB Group to acquire certain liabilities of the Imperial Bank worth Ksh 31.7 billion.
Through Gazette Notice No. 8038, CAK says the proposed transaction entails the transfer of various listed assets, including outstanding deposit balance amounting to Ksh 331.7 billion, loans and security portfolios together with all rights, titles, and interests.
KCB Group which is Kenya’s biggest lender acquired assets valued at Ksh 3.2 billion and assumption of liabilities of the same value of Imperial Bank effective June 2, 2020.
In September, it commenced payment of funds to remaining eligible depositors of Imperial Bank Limited estimated at Ksh.3.2 billion which will be paid over a period of four years.
The lender owns banking subsidiaries in the East African region; Uganda, Tanzania, Rwanda, Burundi, Ethiopia (representative office), and South Sudan.
