The Central Bank of Kenya (CBK) has approved the liquidation of collapsed Imperial Bank, setting the stage for the sale of the lender’s remaining assets.
Imperial Bank collapsed six years ago with money belonging to depositors, bondholders and creditors and has been under receivership of the Kenya Deposit Insurance Corporation (KDIC).
During the six years, most of the money has been used to pay depositors, including the sale of Sh3.2 billion assets and liabilities to KCB Bank #ticker:KCB last year.
Read: KCB takes over Sh3.1bn Imperial Bank deposits
CBK says only 4,300 depositors, representing eight percent, are yet to get back their money in full.
The banking regulator appointed KDIC to liquidate the bank and process payment for the remaining depositors, creditors and bondholders.
“Following four payment disbursements, 45,700 out of the 50,000 (92 percent) depositors have accessed their funds in full,” CBK Governor Dr Patrick Njoroge said.