KCB Group is targeting to conclude Imperial Bank takeover by March next year.
Speaking at a joint press brief with the Kenya Depositors Insurance Corporation (KDIC) to update on disbursement of 12.7 per cent offer given to Imperial Bank depositors, KCB Group chief executive Joshua Oigara said the bank is conducting asset verification process with a view of issuing a comprehensive offer in next 90 days.
"We are currently looking at Imperial Bank’s loan book that stands at Sh35 billion and other assets including branches. Imperial Bank should expect a comprehensive offer from us March,’’ Ogaira said.
He revealed that KCB will absorb some Imperial Bank branches and employees, giving hope to hundreds of former IBL employees who lost jobs when the bank was sent into receivership in October 2015.
KDIC chief executive Mohamud Ahmed that IBL depositors with KCB accounts will receive the 12.7 per cent offer which adds up to Sh8 billion by December 24.
"Already Sh100 million has been accredited to depositors’ KCB accounts. We expect to disburse the remaining balance by Christmas Eve. This will see 95 per cent of IBL depositors fully covered,’’ Mohamud said.