Kenya’s Central Bank picks NIC Bank to assess Imperial Bank’s assets
Thursday, 23 June 2016 04:58
The Central Bank of Kenya announced on June 20 that it has selected NIC Bank to assess the assets and liabilities of Imperial Bank, which has officially been declared bankrupt.
The operation should insure that deposits made by the bank’s clients are returned to them. Imperial bank has been placed under receivership by the Central Bank since October 2015 as it encountered some cash flow issues.
Regarding reimbursement, clients with less than or equal to Sh1 million (around $9,887) will get all their money back, while those with more than that amount will have to wait till the end of investigations to know what will happen to their cash.
In 2014, Imperial Bank was ranked 19th in 45 Kenyan banks, with Sh56 billion ($544.22 million) worth of assets.
Besides Imperial Bank, two other Kenyan banks, Chase Bank and Dubai Bank, have closed since June 2015. As these banks crumbled, many were concerned about the state of Kenya’s banking system, but the governor of the Central Bank reassured repeatedly that “the sector presents no systemic risk”.
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