Interested Imperial Bank investors have until end September to submit their bids
By Soko Directory Team / September 11, 2017
Central Bank of Kenya (CBK) has placed a call for investors interested in acquiring Imperial Bank (IBLR) to send in their applications.
CBK and Kenya Deposit Insurance Corporation (KDIC) said the applications is open to investors willing to take an equity interest in the bank or propose other transaction structures with respect to IBLR.
“This announcement commences a formal process of selecting a preferred
investor for the bank, which should be concluded within 48 weeks from July 31, 2017, being the date of the extension of the receivership,” said CBK in a statement together with the call for expression of interest (EOI) .
“The objectives of this process is to safeguard the interest of depositors, creditors and the wide public interest, whilst being mindful of seeking to preserve a sound and innovative banking system in Kenya.”
The process will take five months from today to close on February 18, 2018. Interested investors will be shortlisted by auditing and consulting firm KPMG after which they will be allowed to access confidential information on the state of the banks.
Bidders have up to close of business September 28 to submit their expression of interested to KPMG.
Imperial Bank of Kenya shareholders gave consent to extend the bank’s’ receivership by a further 12 month to enable CBK and KDIC run an Expression of Interest (EOI) process.
The bank was placed under receivership on October 2015.