Editorial

ECONOMY

Savings in Kenya after 1 year of Imperial Bank collapse

Today high interests are scaring, "diversify" is the word

21-10-2016 by Freddie del Curatolo

A year ago 57,000 savers of Kenya, including nearly two thousand Italians, Malindi, Watamu, Mombasa, Diani and Nairobi, were holding their breath to await news of the possible reopening of the Imperial Bank Kenya, whose shutters were down on 14 October.
Twelve months away from the bolt from the blue, that would change in the perception of our compatriots bank deposit in Kenya as an investment and confidence in African lenders, we have some certainties and many doubts unchanged.
Meanwhile, something happened that for example in Italy no one would ever imagine.
In record time, compared to the bureaucracy, lawsuits, arbitrations and other hindrances, they were returned in two installments the money to 40 thousand "small" savers. For some of them it is crumbs (but are still about 30 thousand euro), for many others, especially Kenyans, was a lifetime of savings, or the only insurance for a peaceful future.
The pessimism and despair of the early days has therefore given way to a moderate hope.
Today many of the Italian coast, which once relied on "house bank", the "cute cashier," clerk "who speaks our language well," Wavering willingly from three lenders, Kenya Commercial Bank, Diamond Trust Bank, and the latest addition to Nic Bank, and perhaps to "diversify" (one of the cult words in Malindi last season) have opened an account at Fidelity Bank because it lies at the Nakumatt and the I & M because it is emerging.
Meanwhile, for those who have invested tens of thousands of Euros and more, the story continues and alternate days when the Central Bank of Kenya to raise its voice against the majority shareholders of Imperial Bank (a month ago they have all been reported from the bottom insurance of KDCI State) with others in which the same owners of the institute in liquidation are invented to be victims of something or someone, or cite one or more State leaders as accomplices of the conspiracy hatched by former managers Janmohamed against them, l ' company and the poor depositors.
How it will end is not known, certainly the "case" Imperial has had major repercussions on the domestic market and also in the field of banking regulation in Kenya. President Kenyatta was seen by its Parliament approved a decree to lower all interest rates applied in a too "optimistic" by banks, the semi-annual and annual investment funds and accounts pulpy, to a maximum of 10.5% . Some banks had come to even Offir 18%. The same Imperial, shortly before the fatal infarct super manager with straw heart, had launched a series of bonds to 20% who knew their caramellina in the old pervert pocket outside school.
Today everything is normal and the other poised banks are controlled very closely.
And 'the case of Chase Bank, which closed and reopened for something more than just pre-crash control.
A year after the great fear, Kenya seems to have also aligned to the West in the world savings and investment banking. Less dreams, less fancy and consequently few outbursts of adventure in the financial sea of ​​an African country, but some solid more certainty.

TAGS: Imperial Bank MalindiKenya risparmiKenya banche

Good news for those who still have money stuck at Imperial Bank.
The Central Bank of Kenya has issued a statement in which it announced a third reimbursement for account holders linked to the bank Imperial Kenya more than a...

READ ALL

Three more months to learn the ultimate fate of the troubled Imperial Bank Kenya.
The Nairobi High Court has extended by 90 days the Ammistrazione controlled by the Central Bank of Kenya (CBK) under the control of the insurance fund...

READ ALL THE REVIEW

by redazione

by redazione

The long story of Imperial Bank Kenya seems still far from complete. The Credit Institute in receivership for more than a year, has not yet lost hope of being able to re-open its doors or otherwise fall within Financial around...

READ ALL THE REVIEW

by redazione

Hard times for "old mold" banks in Kenya.
The historical Barclays Bank has decided to shut down seven of its subsidiaries in the country following a new parent company policy that has long been rumored to be selling its subsidiary...

READ ALL THE REVIEW

A financial group with headquarters in the island of Mauritius and branches in India and other nations in Africa and the East, SBN Holdings, has submitted an offer for the Credit Institute Kenyan Fidelity Bank, which is also home to...

Mpesa and other payment services linked to the use of mobile telephony are up sharply in 2017 compared with the previous year.
According to data provided by the Kenyan Communications Authority, money sent by mobile phones and money to pay...

READ ALL THE REVIEW

by redazione

LATEST NEWS

by redazione

KPLC apologise but they have had to switch off part of Malindi town including Coop Bank, Police Station, the whole of Lamu Road, Majengo, Ngowe Road, Kibokoni, Sabaki, Ocean Beach, Malindi Complex, Casino and adjacent customers today Thursday 6 July...

Fidelity Bank Kenya, and therefore its Malindi subsidiary alongside Nakumatt, was acquired by SBM, a renowned financial group of Mauritius, with offices in many Asian and African countries. This will guarantee more solidity and experience for the bank and its customers.READ THE COMMUNIQUE INSIDE

The Malindi Safaricom change the headquarters of the main store to the public. Since yesterday the main Kenyan telephone company has moved its shop windows and its doors from the shop (now become too small) in Kenyatta Road (one hundred...