Kenyan and Ugandan central banks act over troubled bank

Central Bank of Kenya at night

The Central Bank of Kenya placed a mid-sized bank, Imperial Bank, into receivership on October 13, prompting the Bank of Uganda to take over the management of their local subsidiary.

Imperial Bank was placed under the control of Kenya Deposit Insurance Corporation (KDIC) after the bank's board informed the central bank of "unsafe and unsound business conditions".

The KDIC will assume management for up to a year, though there is potential for a six-month extension, which officials do not expect i

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