By PATRICK ALUSHULAMore by this AuthorImperial Bank depositors will now have to open accounts with Kenya Commercial Bank (KCB) ahead of next week’s partial payment of their money stuck in the collapsed lender. The Kenya Deposit Insurance Corporation (KDIC) Monday said all eligible depositors will access 12.7 per cent of deposit balances through KCB, a departure from last year’s payments when money was also processed through NIC Bank and Diamond Trust Bank. This change means that only depositors who have claimed in the past through KCB and still have their accounts active will not be required to open new accounts and fill claim forms to receive the new tranche of deposit refunds. “Depositors who will be claiming their funds for the first time through KCB Bank are required to open an account with any of the KCB Bank branches and shall complete a claim form with the assistance of the bank officials who will forward the same to IBL for processing,” said the KDIC. Going by the KDIC figure, this payment will still leave about Sh55.25 billon in Imperial even as KCB intends to complete loan verification process by March next year and conclude the deal.

Source: Daily Nation December 17, 2018 18:33 UTC