KCB acquires Imperial Bank

KCB has acquired troubled Imperial Bank Limited, a statement from the Central Bank has said. The statement said that CB and the Kenya Deposit Insurance Corporation (KDIC) are in receipt of a binding offer dated September 27, 2018.

In January this year, CBK and KDIC said that three companies had been shortlisted following its publication of the Expression of Interest (EOI).

In October last year, it was announced CBK and KDIC would engage KCB in discussions aimed at maximizing the value for depositors.

“Following receipt and assessment of KCB’s nonbinding proposal, CBK and KDIC engaged KCB in discussions aimed at maximizing the value for depositors”, read the statement.

CBK and KDIC added that they 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.”


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