A High Court in Nairobi on Friday granted a three month extension of the Receivership of Imperial Bank saying stakeholders needed more time to resolve the receivership.
“This was following agreement between the shareholders, Kenya Deposit Insurance Corporation (KDIC) and Central Bank of Kenya (CBK), that it was necessary for the KDIC to be accorded more time to resolve the receivership. CBK consented to this extension on the basis that it is necessary for KDIC to continue as Receiver of IBL.” CBK said in a statement.
Imperial Bank’s receivership had been initially extended to April 14, 2017.
The Central Bank of Kenya placed IBL under receivership on October 13, 2015 citing irregularities and malpractices that exposed its customers to risk.
