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Kenya

Imperial Bank depositors to start accessing 12.7pc of their cash

NAIROBI, Kenya, Dec 20 – Imperial Bank Limited depositors will from Thursday access 12.7 percent of eligible deposit balances remaining after KCB Group finalized the process of settling claims.

This follows the announcement by the Central Bank of Kenya (CBK) on December 11, 2018, appointing KCB Bank Kenya as an agent of Kenya Deposit Insurance Corporation the IBLR receiver manager—to disburse the funds to the depositors.

The customers will access 12.7 percent of eligible deposit balances remaining at IBLR from Thursday December 20, 2018 from any of the KCB branches across the country.

Depositors who have claimed in the past through KCB Bank and still have their accounts active will not be required to fill any claim form and their available funds will be directly credited into their respective KCB Bank accounts.
However, the group of depositors still needs to counter check their account status with their respective KCB Bank branches.

According to the bank, Depositors who will be claiming their funds for the first time through KCB Bank are required to open an account with any of the KCB Bank branches and shall complete a claim form with the assistance of the bank officials who will forward the same to IBLR for processing.

“This is a significant milestone which is yet another convincing marker of Kenya’s financial sector’s ability to offer viable solutions bench-marked against global best practice. We have put in place robust processes to guide the next steps and we will communicate the way forward to IBLR customers within a few days,” says KCB Group CEO Joshua Oigara.

The Binding Offer also outlines that KCB will complete the loan verification process within the first quarter of 2019.

The loan verification process is expected to result in further recoveries for eligible depositors of IBLR.

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