Central Bank Receives KCB Binding Offer to Acquire Imperial Bank

Central Bank of Kenya on Wednesday said it had received KCB Groups’ binding offer for the acquisition of assets and liabilities belonging to Imperial Bank Limited (In Receivership) (IBLR).
The Central Bank in a statement said this was part of the Expression of Interest (EOI) process that was announced on October 13, 2017.
“CBK and KDIC will provide further details to stakeholders as soon as the binding offer has been fully assessed. In particular, a meeting with depositors will be called shortly,” the central bank said in a statement.
The CBK further said with a pending case at the High Court that will be heard on January 15, 2019, “CBK and KDIC expect that this Order provides sufficient time to conclude the matter of KCB’s binding offer.”
August 2017, the high court granted a 12-month extension of the receivership of Imperial Bank Limited following an agreement with stakeholders to enable the regulator to seek a potential strategic investor.
This was the third time the Imperial Bank Limited receivership was being extended.
Imperial Bank Limited (In Receivership) was placed under receivership in October 2015.