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Kenya The commercial bank is leading the race to acquire the defunct Imperial Bank after the resignation of the other bidder, the central bank announced yesterday.
"The revised proposal was received from KCB Bank Kenya while the other bidder CBK and KDIC will engage KCB in discussions to maximize value for depositors," a joint statement from CBK and Kenya Deposit Insurance Corporation read.
The regulator had in October last year communicated to short-listed candidates KCB and lender Maurice, SMB Holdings, asking them to submit their formal proposals by January 15, 2018.
This is a good new for depositors whose funds have been stranded since the bank's receivership in October 2015 after it emerged two sets of books, with a potential fraud of $ 449 million (Sh44.9 billion).
Shareholders were accused of improperly paying $ 27 million (Sh2.7 billion) as a dividend while the bank was not making any profit.
CBK is however behind on its acquisition program from the bank, considering that it had expected the final transaction to take place in late June.
with the final investor and the finalization of the legal documents for a week between 16 and 20 April to facilitate the final transaction that will take place on or before 29 June.
If KCB manages to acquire Imperial Bank, it will bring to two the number of banks were injured by CBK a year after giving SMB Holdings a blink of an eye to the acquisition of Chase Bank on last month.
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