Imperial Bank customers begin accessing their funds - Daily Nation

Imperial Bank depositors begin accessing their funds

Saturday December 12 2015

An Imperial Bank Likoni branch in Mombasa on October 14, 2015 remains closed after the bank was placed under receivership. tThe bank's depositors have begun making withdrawals after Kenya Deposit Insurance Corporation (KDIC) announced it had released the first batch of the money in the failed bank on Thursday. PHOTO | KEVIN ODIT |

An Imperial Bank Likoni branch in Mombasa on October 14, 2015 remains closed after the bank was placed under receivership. tThe bank's depositors have begun making withdrawals after Kenya Deposit Insurance Corporation (KDIC) announced it had released the first batch of the money in the failed bank on Thursday. PHOTO | KEVIN ODIT | NATION MEDIA GROUP

By OTIATO GUGUYU
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Imperial Bank depositors have begun making withdrawals after Kenya Deposit Insurance Corporation (KDIC) announced it had released the first batch of the money in the failed bank on Thursday.

More than 50,000 customers will get access to their funds which have been locked down for two months after the bank was put under receivership in October 13.

KDIC said payment to a number of validated claims were cleared on Friday morning and dispatched to Kenya Commercial Bank (KCB) and Diamond Trust Bank (DTB).

“More payments will from today onwards be released on a daily basis and in batches, to KCB and DTB as the validation process is completed for each claim,” KDIC, chief officer Aggrey Bett said.

Mr Bett did not however indicate how much money had been paid out.

KDIC had released guidelines for the depositors to claim money earlier this week.

The corporation CEO urged depositors to submit their claims stating that each time claims are validated, they will be contacted though KCB and DTB.

PAYMENTS

CBK announced that it will avail Sh8 billion to the failed banks' customers after a deal to reopen the bank fell apart.

About 44,300 customers with Sh1 million or less, who make up 89 per cent of the depositors, will get access to their full amount.

The large depositors with about Sh88 billion will only access Sh1 million of their funds through the arrangement.

The two Banks will then conduct due diligence on the remaining amount reviewing the comprehensive financial and legal status of the remaining 5700 depositors.

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