Banking is a sensitive sector and the manner in which CBK handles the Imperial Bank saga would have a huge bearing on the confidence levels among customers.
If not well handled, the whole matter may trigger distrust in the entire banking system and discourage depositing of money in banks.
The Central Bank of Kenya’s (CBK) silence on the impending sale of Imperial Bank is punishing for the thousands of depositors whose cash is locked up at the collapsed lender.
While we appreciate the delicate and sensitive nature of the transaction, CBK must speed up the whole process and keep the public appropriately informed.
It is not lost to us that a public notice inviting the public to acquire the collapsed bank was scheduled for publication about a fortnight to the August 8 General Election.
This never happened and almost a month later, CBK remains mum on what may have transpired.
CBK is walking a tight-rope in this matter because another sale involving Chase Bank that shut down with customer deposits in April 2016 is yet to be resolved.
The regulator should win back the confidence of depositors by speedily resolving the issues involving these two lenders.
The public, and particularly the Imperial Bank depositors, deserve better treatment by the regulator.
Having savings and work capital locked up in a collapsed lender is too painful a fate and CBK must not cause more anguish by propagating uncertainty through silence and procrastination.
It has been two years since Imperial Bank went under with Sh87billion in customer deposits and the delay in concluding the sale only hurts the depositors who have long-waited for some relief.
The regulator should provide regular updates on the impending sale of Imperial Bank and honour its set timelines for the sake of the depositors who may be facing dire financial constraints.
We hope CBK will find the most dependable investors to support the revival of Imperial Bank and save depositors further anguish.
Banking is a sensitive sector and the manner in which CBK handles the Imperial Bank saga would have a huge bearing on the confidence levels among customers.
If not well handled, the whole matter may trigger distrust in the entire banking system and discourage depositing of money in banks. No one would want to put money in a bank and risk the anguish of lengthy waits for refunds should the lender go under.
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