KCB Group is targeting a complete takeover of Imperial Bank by March, it announced yesterday.
This raises depositors’ hope after their accounts were locked since the bank went into receivership in October 2015.
The expected comprehensive offer from KCB which won the bid for the collapsed lender in July will give account holders a higher access to their money.
Addressing a joint media briefing with the Kenya Depositors Insurance Corporation (KDIC) on the 12.7 per cent offer given to Imperial Bank depositors, KCB Group chief executive Joshua Oigara said an asset verification is underway before the issuance of a comprehensive offer in 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 in March,’’ Ogaira said.
He said that KCB will absorb some Imperial Bank branches and employees.
Last Wednesday, the Central Bank of Kenya and KDIC announced that Imperial Bank depositors will access 12.7 per cent of their balances within 14 days.
The two state agencies said that the new offer will bring the total recovery of locked deposits to 35 per cent.
Yesterday, KDIC chief executive Mohamud Ahmed said 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.
Mohamud thanked depositors for their patience, and said they are working on a strategy to ensure receiverships are resolved within 60 days.
Depositors’ funds have been locked since the bank was put under receivership in October 2015 after it was found to be operating two sets of books, with a potential fraud of Sh44.9 billion.
Shareholders were accused of irregularly paying themselves Sh2.7 billion as dividends.