Shuttered Kenyan Bank Is Said to Seek Funding Before Reopening
- Imperial Bank seeks $98 million, person familiar says
- Injunctions filed in court to recover 34 billion shillings
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Shareholders of Imperial Bank Ltd., the Kenyan lender seized by regulators last month after it said it uncovered internal fraud, plan to raise 10 billion shillings ($98 million) as part of a proposal to re-open as soon as possible, according to a person familiar with the strategy.
They’re also considering asking depositors holding more than 1.5 million shillings to convert as much as 20 percent of their savings into preference shares and agree to keep their funds with the lender for at least two years, the person said. He asked not to be identified because the plans are confidential. The recovery strategy has been submitted to the central bank, he said.