Imperial Bank Limited commonly known as Imperial Bank, is a

commercial bank A commercial bank is a financial institution which accepts deposits from the public and gives loans for the purposes of consumption and investment to make profit. It can also refer to a bank, or a division of a large bank, which deals with ...

in Kenya, the largest economy in the

East African Community The East African Community (EAC) is an intergovernmental organisation composed of seven countries in the Great Lakes region of East Africa: the Democratic Republic of the Congo, the United Republic of Tanzania, the Republics of Kenya, Buru ...

. It is one of the forty-three commercial banks licensed by the

Central Bank of Kenya The Central Bank of Kenya (CBK) ( sw, Banki Kuu ya Kenya) is the monetary authority of Kenya. Its head office is located in Nairobi. CBK was founded by in 1966 after the dissolution of East African Currency Board (EACB). Dr. Patrick Ngugi Njoroge ...

, the

central bank A central bank, reserve bank, or monetary authority is an institution that manages the currency and monetary policy of a country or monetary union, and oversees their commercial banking system. In contrast to a commercial bank, a centra ...

and national banking regulator. On 13 October 2015, the Central Bank of Kenya placed Imperial Bank under the management and control of the state's Kenya Deposit Insurance Corporation because of what the Central Bank termed as "unsafe and unsound business conditions" at the Bank. Separately, sources said an internal fraud scheme had occasioned the move. The Central Bank of Kenya had hoped that owners of Imperial Bank would inject cash into the institution but has recently lamented that the shareholders had failed to make good on their promise. Depositors of the troubled bank can now make their claims at any Central Bank of Kenya or Diamond Trust Bank Group branch and such claims will take three days to confirm their details before they are paid.

Overview

Imperial Bank is a medium-sized

retail bank Retail banking, also known as consumer banking or personal banking, is the provision of services by a bank to the general public, rather than to companies, corporations or other banks, which are often described as wholesale banking. Banking serv ...

that caters to both individuals and corporate clients. , the bank's total asset base was valued at about US$498 million (KES:43 billion), with shareholders equity of approximately US$66.2 million (KES:5.719 billion). At that time, Imperial Bank Limited was ranked the 19th largest Kenyan commercial bank, by assets, out of forty-three licensed banks in the country.

History

Imperial Bank Limited was established in 1992 as a Finance and Securities Company. In 1996, the bank commenced commercial banking services, following the issuance of a banking license by the Central Bank of Kenya. In January 2011, the bank, in partnership with

Mukwano Group The Mukwano Group of Companies, commonly known as the Mukwano Group, is a conglomerate based in Uganda, with operations in other East African countries. Location The Group's headquarters are located on Mukwano Road (Bypass Road), in the Centra ...

, a

Uganda }), is a landlocked country in East Africa. The country is bordered to the east by Kenya, to the north by South Sudan, to the west by the Democratic Republic of the Congo, to the south-west by Rwanda, and to the south by Tanzania. The ...

n business and manufacturing

conglomerate Conglomerate or conglomeration may refer to: * Conglomerate (company) * Conglomerate (geology) * Conglomerate (mathematics) In popular culture: * The Conglomerate (American group), a production crew and musical group founded by Busta Rhymes ** ...

, opened a subsidiary,

Imperial Bank Uganda Exim Bank (Uganda) (EBU), commonly known as Exim Bank, is a commercial bank in Uganda. It is one of the commercial banks licensed by the Bank of Uganda (BOU), the central bank and national banking regulator. EBU is a member of the Exim Bank Gro ...

, with headquarters at 6 Hannington Road, on Nakasero Hill, in the center of

Kampala Kampala (, ) is the capital and largest city of Uganda. The city proper has a population of 1,680,000 and is divided into the five political divisions of Kampala Central Division, Kawempe Division, Makindye Division, Nakawa Division, and R ...

's central business district.

Subsidiaries and Investments

The companies that comprise the Imperial Bank include the following: #

Imperial Bank Kenya Imperial Bank Limited commonly known as Imperial Bank, is a commercial bank in Kenya, the largest economy in the East African Community. It is one of the forty-three commercial banks licensed by the Central Bank of Kenya, the central bank and ...

– Retail banking –

Nairobi Nairobi ( ) is the capital and largest city of Kenya. The name is derived from the Maasai phrase ''Enkare Nairobi'', which translates to "place of cool waters", a reference to the Nairobi River which flows through the city. The city proper ...

Kenya ) , national_anthem = " Ee Mungu Nguvu Yetu"() , image_map = , map_caption = , image_map2 = , capital = Nairobi , coordinates = , largest_city = Nairobi , ...

– 100% Shareholding – A commercial bank in Kenya, serving individuals and businesses, focusing mainly on large corporations. This is the flagship company of the group. #

–

Retail banking Retail banking, also known as consumer banking or personal banking, is the provision of services by a bank to the general public, rather than to companies, corporations or other banks, which are often described as wholesale banking. Banking serv ...

–

– 58.6% Shareholding – A commercial bank in Uganda.

Ownership

The

stock In finance, stock (also capital stock) consists of all the shares by which ownership of a corporation or company is divided.Longman Business English Dictionary: "stock - ''especially AmE'' one of the shares into which ownership of a compan ...

of the bank is privately held. The bank is a wholly owned subsidiary of Imperial Securities Limited. The detailed shareholding in Imperial Securities Limited is as follows:

Branch network

, the bank maintained a network of branches at the following locations: # Head Office – Imperial Court, Westlands Road,

Westlands Westlands is an affluent, mixed-use commercial and residential neighbourhood in Nairobi. Location Westlands is located approximately , by road, northwest of the central business district of Nairobi. The geographical coordinates of the neighb ...

# Westlands Branch – Imperial Court, Westlands Road,

# Upper Hill Branch – Bunyala Road, Upper Hill,

# IPS Branch – IPS Building, 8th Floor, Kimathi Street,

# Parklands Branch – Regal Plaza, Ground Floor, Limuru Road, 6th Avenue, Parklands,

# Card Centre – Regal Plaza, Ground Floor, Limuru Road, Parklands,

# Highridge Branch – Masari Road, Parklands,

# Mombasa Branch – Imperial Bank Building, Kaunda Avenue,

Mombasa Mombasa ( ; ) is a coastal city in southeastern Kenya along the Indian Ocean. It was the first capital of the British East Africa, before Nairobi was elevated to capital city status. It now serves as the capital of Mombasa County. The town ...

# Diani Branch – Beach Road Next to Collier Centre,

Diani Diani Beach is a major beach on the Indian Ocean coast of Kenya (in eastern Africa). It is located south of Mombasa, in Kwale County. It has been voted Africa's leading beach destination for the fifth time running since 2015. Tourism The beac ...

# Karen Branch – 1st Floor, Cross Roads Mall,

Karen Karen may refer to: * Karen (name), a given name and surname * Karen (slang), a term and meme for a demanding woman displaying certain behaviors People * Karen people, an ethnic group in Myanmar and Thailand ** Karen languages or Karenic la ...

# Malindi Branch – Galana Centre, Lamu Road,

Malindi Malindi is a town on Malindi Bay at the mouth of the Sabaki River, lying on the Indian Ocean coast of Kenya. It is 120 kilometres northeast of Mombasa. The population of Malindi was 119,859 as of the 2019 census. It is the largest urban cent ...

# Watamu Branch – Tourist Road,

Watamu Watamu is a small town located approximately 105 km north of Mombasa and about 15 km south of Malindi on the Indian Ocean coast of Kenya. It lies on a small headland, between the Blue Lagoon and Watamu Bay. Its main economic activi ...

# Thika Branch – Pushpa Plaza, Nkrumah Road,

Thika Thika Thika (pronounced �θika is an industrial town and a major commerce hub in Kiambu County, Kenya, lying on the A2 road 42 kilometres (26 mi) Northeast of Nairobi, near the confluence of the Thika and Chania Rivers. Although Thika town is ...

# Eldoret Branch I – Imperial Court, Nairobi Road,

Eldoret Eldoret is a principal town in the Rift Valley region of Kenya and serves as the capital of Uasin Gishu County. The town was referred to by white settlers as Farm 64, 64 and colloquially by locals as 'Sisibo'. As per the 2019 Kenya Population ...

# Kilifi Branch – Kilifi Arcade, Biashara Street, Kilifi # Industrial Area Branch – Bamburi Road, off Enterprise Road,

# Village Market Branch – Village Market, Limuru Road,

Gigiri Gigiri is a residential estate in Nairobi. It is home to Kenya's large expatriate community. It is one of the largest expat communities in Africa. Gigiri hosts: *United Nations Office at Nairobi making Nairobi the only African city to host several ...

# Riverside Branch – Riverside Green Suite, 1st Floor, Riverside Drive,

# Likoni Branch – Nova Holdings Complex, Nyerere Avenue,

# Haile Selassie Branch – Blueroom Building, Haile Selassie Road,

# Bamburi Branch – City Mall, 1st Floor,

Bamburi Bamburi (), from the local bantu words "Ba" (People) and "Mburi" (Goat), is a commercial, industrial and local electoral, administrative and a tourist and residential area on the Kenyan north-coast which extends from the coastline on the Indian ...

# Changamwe Branch – Rhino Properties Refinery Place,

# Junction Branch – Junction Mall, Fourth Floor, Ngong Road,

# Nakuru Branch – Ground Floor, Westside Mall,

Nakuru Nakuru is a city in the Rift Valley region of Kenya. It is the capital of Nakuru County, and was formerly the capital of Rift Valley Province. As of 2019, Nakuru had an urban and rural population of 570,674 inhabitants, making it the largest ...

# Greenspan Branch – Manyanja Road, Off Outering Road,

# Eldoret Branch II – Laboso House, Kenyatta Street,

# Nyali Cinemax Branch – Nyali Cinemax,

. # Westgate Mall Branch-Nairobi # GardenCity Mall Branch – Thika Road # Lunga Lunga Branch – Industrial Area, Nairobi

Governance

Alnashir Popat, a non-executive director of the bank, serves as the Chairman of the seven-member board of directors. Following the death of Abdulmalek Janmohamed in September 2015, Naeem Shah was named managing director, on an interim basis.

Recent Developments

On 21 June 2016, the Central Bank of Kenya appointed

NIC Bank NCBA Bank Kenya, whose full name is NCBA Bank Kenya Plc, is a commercial bank in Kenya. It is licensed by the Central Bank of Kenya, the country's central bank and national banking regulator. Location The bank's headquarters are located at ...

as asset and liabilities consultant for Imperial Bank (in receivership). Effectively, NIC Bank took over the responsibility of returning funds to the failed bank's deposit customers. The agreement also allows NIC to acquire some of the deposits, assets and liabilities of Imperial once its receiver manager the Kenya Deposit Insurance Corporation starts liquidating the bank. On 11 January 2017, IBL Depositors Lobby Group (a collaboration of investors affected by the continuously delayed and fraudulent Imperial Bank receivership of October 2015, drafted an open letter to the

and Kenya Deposit Insurance Corporation (responsible for the receivership mandate) requesting a final statement regarding the ruling from Millimani Law Courts dated 4 November 2016 stating that 40% of the outstanding funds can and should be paid out to the effected parties awaiting their dues. 24 March 2017,

extends the receivership for another 90 days expressing that the handlers of the receivership ( Kenya Deposit Insurance Corporation) require more time. 3 May 2017,

completes its process with assisting on the Imperial Bank Limited investigation and pay out structure.

References

External links

Website of Imperial Bank Limited

Website of Central Bank of Kenya

{{Nairobi Defunct banks of Kenya Banks established in 1993 Companies based in Nairobi Kenyan companies established in 1993