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Now Imperial Bank under receivership for 12 months
Rank: User Joined: 1/20/2014 Posts: 3,528
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Things gonna be nasty very very soon!!! Formal education will make you a living. Self-education will make you a fortune - Jim Rohn.
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Rank: New-farer Joined: 5/21/2013 Posts: 72 Location: KENYA
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Merit wrote:Do you think this happened just overnight and that no Branch Manager would have had any knowledge of the situation. I believe i was cheated and lied by a Branch Manager who said the Bank is more healthier today than it has been in the last 8 years causing me to transfer substanial sums of money in the last 5 days. This morning, i hear the bad news that Imperial Bank is under receivership by CBK. Talked with Branch Manager and she is leaving on vacation starting Thursday. The FDR was for a 4 month period. When can i expect to be paid and what about the 19.5% interest? It is statutory management rather than receivership. “The market can remain irrational longer than you can remain solvent.” - John Maynard Keynes
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Rank: New-farer Joined: 1/16/2012 Posts: 56
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You guys just scared the living out of me. Can wazuans tell me the status of DTB? Is it also a mid tier bank probable to face the ax.
Given its proximity to Aga Khan who are also major Nation Group shareholders, is it a safe bet?
Should someone holding over 40m in DTB for business purposes be worried? Your feedback are appreciated folks.
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Rank: Elder Joined: 7/26/2007 Posts: 6,514
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Story emerging is they reported a fraud to CBK who suddenly decided to walk in and close shop. Update is key shareholders are going to court to reverse CBK order. So many rumours. Business opportunities are like buses,there's always another one coming
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Rank: Elder Joined: 2/26/2012 Posts: 15,980
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Tgoldman wrote:You guys just scared the living out of me. Can wazuans tell me the status of DTB? Is it also a mid tier bank probable to face the ax.
Given its proximity to Aga Khan who are also major Nation Group shareholders, is it a safe bet?
Should someone holding over 40m in DTB for business purposes be worried? Your feedback are appreciated folks.  The accounting books are online. "There are only two emotions in the market, hope & fear. The problem is you hope when you should fear & fear when you should hope: - Jesse Livermore
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Rank: New-farer Joined: 1/21/2015 Posts: 78 Location: Pare Pare
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willin2learn wrote:lisaox wrote:For a bank that recently posted KES 2 billion profits after tax in the quarter ending March 2015 (https://www.imperialbankgroup.com/ke/wp-content/uploads/2014/05/Q1-2015-financials.pdf) this is incredible. CBK should take responsibility for this now, they are clearly not performing their supervisory role as effectively as they should. When it comes to Banks..Profit is a really Loose Word. Very Loose Kindly explain.
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Rank: Elder Joined: 10/11/2006 Posts: 2,304
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Othelo wrote:How was the bond approved, thought CB is part of approval/authorization process.
cc@mnandi ...... things are starting to fall into place! Sad but true. Conventional thinkers waste time building shelters when they are unnecessary and then have no shelters when they need them the most. Socionomists do the opposite.
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Rank: Elder Joined: 4/30/2008 Posts: 6,029
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Panic atChase, Giro, Paramount
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Rank: Elder Joined: 10/11/2006 Posts: 2,304
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lisaox wrote:For a bank that recently posted KES 2 billion profits after tax in the quarter ending March 2015 (https://www.imperialbankgroup.com/ke/wp-content/uploads/2014/05/Q1-2015-financials.pdf) this is incredible. CBK should take responsibility for this now, they are clearly not performing their supervisory role as effectively as they should. A report was released some time alleging that Kenyan banks' profits were being inflated.  Conventional thinkers waste time building shelters when they are unnecessary and then have no shelters when they need them the most. Socionomists do the opposite.
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Rank: Veteran Joined: 11/15/2013 Posts: 1,977 Location: Here
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mawinder wrote:Panic atChase, Giro, Paramount Massive cash withdrawals from such banks Gvt Bond will be oversubscribed. Everybody STEALS, a THIEF is one who's CAUGHT stealing something of LITTLE VALUE. !!!
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Rank: Elder Joined: 9/23/2009 Posts: 8,083 Location: Enk are Nyirobi
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Wth if big banks are in manure how about the SACCO sector? huko watu watalia Life is short. Live passionately.
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Rank: Elder Joined: 10/11/2006 Posts: 2,304
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Mainat wrote:Notice we seem to be confusing liquidity with P&L(capital). A bank can survive capital shortage if it has strong liquidity, but will never survive liquidity shortage no matter how profitable or well capitalised. The problem with the banking industry is that it relies on public confidence. In an environment where public confidence is crashed even the well managed institutions go under. Conventional thinkers waste time building shelters when they are unnecessary and then have no shelters when they need them the most. Socionomists do the opposite.
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Rank: Elder Joined: 10/11/2006 Posts: 2,304
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Sober wrote:So this means any account holder can only withdraw Ksh 100,000 or how does it go? I believe receivership is quite messy. The New managers are likely to misappropriate the funds they find there! And make things worse.. Conventional thinkers waste time building shelters when they are unnecessary and then have no shelters when they need them the most. Socionomists do the opposite.
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Rank: Veteran Joined: 6/23/2011 Posts: 1,740 Location: Nairobi
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You guys think this is a joke. I have friends whose life savings are in Imperial , what was CBK doing till things became this thick.
Ama ni mashida ya NYS
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Rank: Member Joined: 1/21/2013 Posts: 427
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Bigchick, Boris Boyka, FUNKY, Guest (42), kasibitta, kryptonite, KulaRaha, lochaes, mawinder, mnandii, Ngogoyo, Pesa Nane, rosa, streetwise, Tgoldman, timuka
Eishhh!!!!
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Rank: User Joined: 1/20/2014 Posts: 3,528
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mawinder wrote:Panic atChase, Giro, Paramount Hope you have not been caught here this time round Formal education will make you a living. Self-education will make you a fortune - Jim Rohn.
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Rank: Veteran Joined: 6/23/2011 Posts: 1,740 Location: Nairobi
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Let them bring the money to NSE tukule
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Rank: Member Joined: 2/7/2014 Posts: 155
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sparkly wrote:Wth if big banks are in manure how about the SACCO sector? huko watu watalia Woooiiii
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Rank: Elder Joined: 9/19/2015 Posts: 2,871 Location: hapo
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You just can't run away from the truth. I have friends there. So sad. Thieves are not good people. Tumeelewana?
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Rank: Hello Joined: 10/13/2015 Posts: 2
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KBC reports that it's a management issue: "...A statement from the central bank of Kenya says that the bank has been experiencing management challenges. According to industry players, trouble begun last month following the death of Imperial bank founder and long serving group managing director Abdul-Malek Jan Mohammed. ...Following the death of Jan Mohammed, Naeem shah who was the head of credit and finance was picked on interim bases to succeed him. This has led to internal jostling for power among the other top shareholders." http://www.kbc.co.ke/cbk...bank-under-receivership/
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Now Imperial Bank under receivership for 12 months
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