CBK seeks buyer for Imperial Bank

By O’Brien Kimani

Imperial bank depositors and the Central Bank of Kenya have agreed to bury their differences in a bid to seek a solution that will lift imperial bank out of receivership.

CBK governor Patrick Njoroge says the ongoing court cases against CBK have complicated IBL’s recovery efforts.

The governor says it has started the process of seeking a buyer to revive the collapsed bank.

For almost two years now they have been unable to access their funds held by Imperial bank after it was placed under receivership by the central bank of Kenya.

Their efforts to seek legal redress has only complicated an already delicate situation.

Wednesday the three parties have agreed to bury their troubled past in move to forge a new future.

CBK governor Patrick Njoroge told the depositors that due to various legal suits facing the bank, the recovery process has somewhat slowed down.

Central Bank says it has started the process of seeking a buyer to inject funds into the troubled lender which was placed under receivership in August 2015.

The CBK governor says the process of getting the bank on its feet is likely to take between 8 to 12 months.

KDIC has so far distributed 2.5 billion shillings to the depositors with plans underway to reimburse more funds to the depositors.