Imperial Bank customers to start accessing funds Tuesday

July 25, 2016
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This follows an earlier joint agreement between the Kenya Deposit Insurance Corporation (KDIC) and NIC, to kick start the process/FILE
This follows an earlier joint agreement between the Kenya Deposit Insurance Corporation (KDIC) and NIC, to kick start the process/FILE

, NAIROBI, Kenya, Jul 25- NIC Bank will from Tuesday begin the process of providing access of funds to depositors at Imperial Bank Limited which is under receivership.

This follows an earlier joint agreement between the Kenya Deposit Insurance Corporation (KDIC) and NIC, to kick start the process.

Overview
  • This follows an earlier joint agreement between the Kenya Deposit Insurance Corporation (KDIC) and NIC, to kick start the process.
  • Imperial Bank depositors will have access to funds of up to a maximum of Sh1.5 million.
  • "Depositors will be able to access their funds in any of the 33 NIC Bank branches countrywide," NIC said on Monday.

Imperial Bank depositors will have access to funds of up to a maximum of Sh1.5 million.

“Depositors will be able to access their funds in any of the 33 NIC Bank branches countrywide,” NIC said on Monday.

In the mean time customers will also access through five Imperial Bank branches which will be opened for the first time since October 2015 when the bank went into receivership after huge malpractices. These include Diani, Kilifi, Malindi, Watamu and Parklands.

NIC Bank will also assume the majority of Imperial Bank Limited staff and the branches.

The move comes after the lifting of the court order to suspend the payments.

Last month shareholders of the troubled bank had accused the Central Bank of Kenya (CBK) of rushing the liquidation of the bank.

The shareholders complained that the action by CBK to dispose the bank’s assets to NIC Bank as a move to bury evidence of the regulators own role in the saga.

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