CIC Insurance Group #ticker:CIC says it has Sh715 million stuck in the ill-fated Imperial and Chase banks but could have suffered worse fate. The group had put Sh1.2 billion in the collapsed Chase Bank, since acquired by Mauritius-based SBM Holdings, which it managed to withdraw but still burnt its fingers in the Chase corporate bond.
CIC Insurance Group chief executive Tom Gitogo said the large deposit a month before the lender went under. It also put Sh155 million in the Sh10 billion corporate bond maturing in 2022, of which it had impaired Sh23 million by December.
