Banks to give up 1,600 idle safe deposit boxes


Business Daily | by James Kariuki

Commercial banks will surrender unclaimed assets held in 1,600 safe deposit boxes by year end, providing a glimpse into the monetary value of the secret holdings popular with wealthy individuals.

The deposit boxes—most of which have not been opened for decades-will be jointly unlocked by bank officials and their counterparts from the Unclaimed Financial Assets Authority(Ufaa).

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