NIC Bank has announced the conclusion and handover of collapsed Imperial Bank following the end of its mandate as an asset and liability consultant. The Kenya Deposit Insurance Corporation, with approval from the Central Bank of Kenya, appointed NIC to oversee some of the IBL’s assets and liabilities on June 21, last year. During the period, NIC made two disbursements of Sh10.78 billion to more than 5,500 depositors and collected Sh5 billion from borrowers on behalf of KDIC. The lender – traded on Nairobi Securities Exchange – said it has fulfilled its mandate as an advisor to KDIC, providing them with a “thorough review of the assets and how to maximise value for depositors and other stakeholders”. “As we said from the very beginning, our involvement in this process has always been in the wider public interest and to support the depositors, creditors, employees and other stakeholders of IBLIR,” NIC Group managing director John Gachora (pictured) said.

Source: The Star May 03, 2017 21:33 UTC