High Court allows Imperial Bank depositors to access additional cash
What you need to know:
- The depositors, who had earlier been offered access of up to Sh1 million each through KCB Group and DTB Group, will now be able to apply for an extra maximum of Sh1.5 million through NIC Bank.
Customers of collapsed Imperial Bank will start accessing their additional deposits from Tuesday next week after the High Court lifted an order stopping the disbursements.
The depositors, who had earlier been offered access of up to Sh1 million each through KCB Group and DTB Group, will now be able to apply for an extra maximum of Sh1.5 million through NIC Bank which was appointed the assets and liabilities consultant for Imperial Bank.
“Following the lifting of the order by the High Court of Kenya on Friday July 15, and the subsequent consent order allowing additional disbursements delivered today July 19 by the court, the Kenya Deposit Insurance Corporation (KDIC) will commence disbursement of funds to Imperial Bank Limited (in Receivership) (IBLIR) depositors from Tuesday July 26th,” KDIC said in a statement dated yesterday.
The agency, which is an arm of the Central Bank of Kenya (CBK), said it has agreed with NIC on a process to speed up access to funds.
Depositors will need to complete KDIC/NIC Bank claim forms, which will be available online at the KDIC and NIC websites, from tomorrow and at any NIC braches and select imperial branches.
NIC, which is also expected to take over some Imperial assets including branches and deposit accounts, will provide details on the account opening process.
The KDIC claim forms submitted earlier through KCB or DTB, for the initial Sh1 million, will be processed through the respective banks.
“Any new claims, including those relating to the initial Sh1 million disbursements, should be lodged and processed through NIC,” KDIC said.
