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Now Imperial Bank under receivership for 12 months
shrewd
#1 Posted : Tuesday, October 13, 2015 9:49:39 AM
Rank: Member


Joined: 4/22/2008
Posts: 5
Location: Nairobi
Now Imperial Bank placed under management

https://centralbank.go.k...ease_-_Imperial_Bank.pdf
The young man knows the rules, but the old man knows the exceptions. - O.W. Holmes Snr.
Othelo
#2 Posted : Tuesday, October 13, 2015 9:55:32 AM
Rank: User


Joined: 1/20/2014
Posts: 3,522
How was the bond approved, thought CB is part of approval/authorization process.

cc@mnandi ...... things are starting to fall into place!
Formal education will make you a living. Self-education will make you a fortune - Jim Rohn.
muganda
#3 Posted : Tuesday, October 13, 2015 10:10:37 AM
Rank: Elder


Joined: 9/15/2006
Posts: 3,604
This new CBK, quite decisive. All things aside, better to salvage when there's life left, than working with a carcass.
muganda
#4 Posted : Tuesday, October 13, 2015 10:17:17 AM
Rank: Elder


Joined: 9/15/2006
Posts: 3,604
Othelo wrote:
How was the bond approved, thought CB is part of approval/authorization process.

cc@mnandi ...... things are starting to fall into place!

Different times, different governor. Is it even 2 months since the bond, will it get listed and trade at the NSE?
KulaRaha
#5 Posted : Tuesday, October 13, 2015 10:20:13 AM
Rank: Elder


Joined: 7/26/2007
Posts: 5,602
Massive run on small banks expected.
Business opportunities are like buses,there's always another one coming
lisaox
#6 Posted : Tuesday, October 13, 2015 10:42:56 AM
Rank: Member


Joined: 7/4/2010
Posts: 116
For a bank that recently posted KES 2 billion profits after tax in the quarter ending March 2015 (https://www.imperialbankgroup.com/ke/wp-content/uploads/2014/05/Q1-2015-financials.pdf) this is incredible. CBK should take responsibility for this now, they are clearly not performing their supervisory role as effectively as they should.
Cornelius Vanderbilt
#7 Posted : Tuesday, October 13, 2015 10:43:01 AM
Rank: Member


Joined: 8/15/2015
Posts: 664
haiya
Mkenya_2000
#8 Posted : Tuesday, October 13, 2015 11:10:05 AM
Rank: Hello


Joined: 9/29/2015
Posts: 5
Beside, all recent indicators showed that the bank was sailing on a solid rock.

As at end of FY14, Imperial bank was ranked 17th in terms of core capital (KES 6.5bn), 17th on gross advances (1.6% of total industry), 14th on PBT (1.9% of total industry) and 17th on total customer deposits (1.8% of total industry). As at close of 2Q15, Imperial’s tier 1 CAR stood at 14.8% (vs. 10.5% statutory minimum) and liquidity ratio was 40.7% (vs. 20% statutory minimum). In 1H15, PAT, loans and deposits increased 0.3%y/y, 14.4%y/y and 15.7%y/y respectively. (CBK, Standard Investment Bank).
_______________________________________________

What actually went wrong and who failed?
KulaRaha
#9 Posted : Tuesday, October 13, 2015 11:16:22 AM
Rank: Elder


Joined: 7/26/2007
Posts: 5,602
Cooking the books? Who was the auditor?
Business opportunities are like buses,there's always another one coming
streetwise
#10 Posted : Tuesday, October 13, 2015 11:33:34 AM
Rank: Veteran


Joined: 6/23/2011
Posts: 1,734
Location: Nairobi
Tafathali Wazuans we need to dig this and leave no stone unturned.

The purpose is this would be a lesson to Wanjiku not to invest in such banks or management.

We are waittiiiiiing
majimaji
#11 Posted : Tuesday, October 13, 2015 11:43:13 AM
Rank: Veteran


Joined: 4/4/2007
Posts: 1,041

The GM Janmohammed died a few months back, no?
obiero
#12 Posted : Tuesday, October 13, 2015 11:43:53 AM
Rank: Elder


Joined: 6/23/2009
Posts: 4,987
Location: nairobi
a polite reminder on companies/stocks not to touch in the short term: transcentury, sameer, britam, eveready, express, kq, marshalls, olympia, carbacid, eabl, eapc, msc, home afrika, tpsea, kurwitu, uchumi
obiero
#13 Posted : Tuesday, October 13, 2015 11:46:58 AM
Rank: Elder


Joined: 6/23/2009
Posts: 4,987
Location: nairobi
liquidity ratios are finishing the smaller banks. consolidated, development and national banks are merging so as to survive.. this is good for the industry but bad for the customer of affected banks that may go under
majimaji
#14 Posted : Tuesday, October 13, 2015 11:54:33 AM
Rank: Veteran


Joined: 4/4/2007
Posts: 1,041
obiero wrote:
a polite reminder on companies/stocks not to touch in the short term: transcentury, sameer, britam, eveready, express, kq, marshalls, olympia, carbacid, eabl, eapc, msc, home afrika, tpsea, kurwitu, uchumi


How did you arrive at this conclusion?
Intelligentsia
#15 Posted : Tuesday, October 13, 2015 11:56:05 AM
Rank: Elder


Joined: 10/1/2009
Posts: 2,307
2 banks within a 2-month span? Under a new Guvnor?

Dubai and Imperial Bank shenanigans took months-to-years to happen, didnt just happen overnight, so why didn't Prof Ndung'u funga them?

leona
#16 Posted : Tuesday, October 13, 2015 11:59:41 AM
Rank: Elder


Joined: 8/1/2008
Posts: 1,421
Location: Marsabit
lisaox wrote:
For a bank that recently posted KES 2 billion profits after tax in the quarter ending March 2015 (https://www.imperialbankgroup.com/ke/wp-content/uploads/2014/05/Q1-2015-financials.pdf) this is incredible. CBK should take responsibility for this now, they are clearly not performing their supervisory role as effectively as they should.


Found this strange too. Profits.. then problems? Mhn..
Nevermind what haters say, ignore them til they fade away - Just live your life
streetwise
#17 Posted : Tuesday, October 13, 2015 12:00:38 PM
Rank: Veteran


Joined: 6/23/2011
Posts: 1,734
Location: Nairobi
Did the son take over or what ?
muganda
#18 Posted : Tuesday, October 13, 2015 12:02:51 PM
Rank: Elder


Joined: 9/15/2006
Posts: 3,604
streetwise wrote:
Tafathali Wazuans we need to dig this and leave no stone unturned.

The purpose is this would be a lesson to Wanjiku not to invest in such banks or management.

We are waittiiiiiing


Could this news show the FOOLS in us all? I have scanned through financial statements of this mid-tier bank https://www.imperialbankgroup.co...us/financial-statements/, and how in the hell do we foresee this coming to this mid-tier bank, linked to Alnasir-Popat family, auditors PKF, capital above CBK ratios?

Okay many business empires link a bank to their holdings money remains in the conglomerate and for financing, and do incorporate younger family members, are in real estate, but is that enough?
(Kenblest, Imperial Court/Eaton Place, PathCare, Coolxtreme)

Investment needs more than intellect.

Boris Boyka
#19 Posted : Tuesday, October 13, 2015 12:04:50 PM
Rank: Veteran


Joined: 11/15/2013
Posts: 1,976
Location: Here
obiero wrote:
a polite reminder on companies/stocks not to touch in the short term: transcentury, sameer, britam, eveready, express, kq, marshalls, olympia, carbacid, eabl, eapc, msc, home afrika, tpsea, kurwitu, uchumi

Finally KQ is on list
Everybody STEALS, a THIEF is one who's CAUGHT stealing something of LITTLE VALUE. !!!
shiznit
#20 Posted : Tuesday, October 13, 2015 12:04:56 PM
Rank: New-farer


Joined: 5/21/2013
Posts: 38
Location: KENYA
muganda wrote:
This new CBK, quite decisive. All things aside, better to salvage when there's life left, than working with a carcass.



Wow, new brooms sweeping very clean. So what now for the bond-holders?
“The market can remain irrational longer than you can remain solvent.” - John Maynard Keynes
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