Kenya Bankers Association Statement on Imperial Bank being Placed under Management
14 October 2015, Nairobi: The Central Bank of Kenya (CBK) on 13th October 2015 appointed Kenya Depositor Insurance Corporation (KDIC) to assume management and control of Imperial Bank Ltd. for a period of 12 months. In a joint statement issued by the regulators, the market has been advised that CBK and Capital Markets Authority are working closely with the Board of Imperial Bank and KDIC (Formerly Deposit Protection Fund Board).
The press statement by the regulators advises that the developments at Imperial Bank were in fact brought to the attention of CBK by the Board of Directors of Imperial Bank. It is therefore our view that this issue is isolated to the bank, and is neither systemic nor an indication of instability in the banking sector overall. Furthermore, Central Bank in a separate statement issued on 13th October 2015 has assured members of the public that Kenya's banking sector remains safe and robust. Central Bank also has confirmed the speculated list of banks facing closure, which is circulating on social media, is a rumour that is best avoided. For questions and queries regarding Imperial Bank, please contact KDIC during office hours, Monday to Friday - 8.30 am to 4.30 pm, on telephone number 0770887992/2863813 or by e-mail address: email@example.com. For other bank-specific questions, please contact the respective bank's corporate affairs office or customer service desk.
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