Kenya regulator missed "malpractice" at Imperial: central bank - CNBC Africa

Kenya regulator missed "malpractice" at Imperial: central bank

East Africa

by Reuters 0

Kenya's banking regulator missed possible "malpractice" at Imperial Bank before it was taken over by a government agency. Photo: Wikimedia

Kenya's banking regulator missed possible "malpractice" at Imperial Bank Ltd before it was taken over by a government agency, exposing larger problems in the sector, the central bank governor said on Wednesday.

The central bank this month appointed the Kenya Deposit Insurance Corporation (KDIC) to manage Imperial Bank for 12 months after Imperial's board alerted it to "inappropriate banking practices that warranted immediate remedial action."

Comments