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The regulator says further details will be provided to stakeholders as soon as the binding offer has been fully assessed/file

Kenya

CBK receives binding offer for Imperial Bank takeover from KCB

The regulator says further details will be provided to stakeholders as soon as the binding offer has been fully assessed/file

NAIROBI, Kenya, Oct 3 – The Central Bank of Kenya (CBK) has received a binding offer for the takeover of Imperial Bank Limited from KCB Group.

This comes after KCB Group remained in the running for the takeover after one bidder withdrew from the process.

The regulator says further details will be provided to stakeholders as soon as the binding offer has been fully assessed.

“Additionally, in the High Court Civil Case No. 303 of 2018, on September 26, 2018, CBK, Kenya Deposit Insurance Corporation (KDIC), and Kenya Tea Development Agency Limited (KTDA) consented in an order adopted by the High Court to maintain the status quo (continuation of IBLR’s receivership) until the matter is determined by the court. The case will be mentioned on January 15, 2019. CBK and KDIC expect that this order provides sufficient time to conclude the matter of KCB’s binding offer,” CBK said in a statement.

Imperial Bank Limited was placed under receivership in October 2015 with KDIC assuming control of the assets, liabilities, business and affairs of the bank.

Due to the receivership, the bank’s normal operations were suspended.

“CBK and KDIC reiterate their commitment in keeping with their respective mandates and in accordance with the laws of Kenya, to protect the interest of depositors, creditors, and the wider public interest,” the regulator added.

Founded in 1992, Imperial Bank was ranked 17th on total customer deposits at 1.8 per cent of total industry.

It was also ranked position 17 in the country in terms of core capital at Sh6.5 billion at the end of the 2014 fiscal year.

Additionally, Imperial Bank’s gross advances gave it the seventh slot with 1.6 per cent of the total industry.

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The CBK also placed Dubai Bank and Chase Bank under receivership.

However, Chase Bank was revived after it found a suitor, SBM Holdings.

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