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CBK puts Imperial Bank under management

13 October 2015, 10:07

Nairobi - Central Bank of Kenya said on Tuesday it is putting Imperial Bank Ltd under management for 12 months after becoming aware of "unsafe or unsound business conditions" at the lender.

Privately held Imperial Bank was ranked number 19 out of Kenya's 45 lenders at the end of last year, with assets of 56 billion shillings ($544.22 million).

The Central Bank of Kenya said it had appointed the state's Kenya Deposit Insurance Corporation (KDIC) to take over management of the bank "in the interest of its depositors, creditors and members of the public".

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- Reuters


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