Kenya’s Imperial Bank given 90-day lifeline
High court extends commercial bank’s receivership to allow shareholders and receiver to reach agreement
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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