Finally a breakthrough for depositors has been reached at Imperial Bank after 1.5 months of anguish:
- Kenya Commercial Bank and Diamond Trust Bank will pay depositors of Imperial Bank their deposits, up to Kshs 1 million ($,9800) each. This means that 44,300 or 89% of the banks’ depositors will get their money within a few weeks at branches of KCB or DTB.
- This comes as Imperial Bank shareholders have not accepted the government proposal that will allow reopening of the bank.
- The support of the (DTB’s largest shareholder) Aga Khan Fund for Economic Development (AKFED) has been instrumental in reaching this agreement.