Central Banking

Kenya’s Imperial Bank given 90-day lifeline

High court extends commercial bank’s receivership to allow shareholders and receiver to reach agreement

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Commercial bank acquired by central bank given lifeline by high court

The Central Bank of Kenya and the Kenya Deposit Insurance Corporation (KDIC) have secured a 90-day extension of the receivership of Imperial Bank following a high court ruling, allowing more time for negotiations.

According to a statement published by the central bank, an agreement on the extension was reached with shareholders on March 24. However, a lobby group for depositors has claimed there was “no engagement” with the wider depositor community.

The receivership was due to end on April 14

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