CBK invites investors to takeover Imperial Bank

Process of arriving at the preferred investor will take five months from today

Imperial Bank depositors at a past demonstration
Imperial Bank depositors at a past demonstration

Central Bank of Kenya (CBK) has finally issued the long awaited call for applications to investors interested in acquiring Imperial Bank.

In a press statement circulated to media houses today, CBK and Kenya Deposit Insurance Corporation (KDIC) said the applications is open to investors willing to take an equity interest in the bank, or propose other transaction structures with respect to IBLR.

The bank was placed under receivership in 2015 following the discovery of a Sh38 billion fraud orchestrated by senior managers with the support of CBK officials.

“This announcement commences a formal process of selecting a preferred investor for the bank, which should be concluded within 48 weeks from July 31, 2017, being the date of the extension of the receivership,” said CBK in the press release alongside the call for expression of interest (EOI).

According to a schedule issued by banking regulator, the process of arriving at the preferred investor will take five months from today to close on February 18, 2018.

Interested investors will be shortlisted by giant auditing and consulting firm KPMG after which they will be allowed to access confidential information on the state of the banks.

Bidders have up to close of business on September 28 to submit their expression of interested to KPMG.

 

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