The Bank of Uganda has sold shares of Imperial Bank Limited (Uganda), which is under receivership, to Exim Bank (Uganda) Limited.
Since October 13, 2015, when the Central Bank of Kenya (CBK) placed Imperial Bank Limited under receivership, the CBK and Kenya Deposit
Insurance Corporation (KDIC) have been working closely with BOU on an appropriate solution to these shares.
CBK said that it supports actions taken by BOU.
“CBK is very supportive of BOU’s actions, exercising its statutory powers as the regulator in that jurisdiction and seeking an outcome that does not jeopardise financial sector stability,” read part of a statement by CBK.
“These shares in Imperial Bank (Uganda) Limited were sold to Exim Bank (Uganda) Limited for the sum of US$6.788 million in an effort to quickly recover funds for the benefit of all IBL depositors. Net of interbank deposits and other transaction costs, the amount due to KDIC is US$3.685 million,” the bank said.
CBK and KDIC said they will continue to work with all concerned parties towards an expeditious solution for Imperial Bank, and to protect interests of its depositors.