Spire Bank in sale talks after exit of billionaire Merali
Summary
The loss-making lender says four investors are conducting due diligence and that a deal could be concluded before the end of the year.
The bank is no longer lending, with a negative capital position.
Monday May 03 2021
By PATRICK ALUSHULA
Summary
The loss-making lender says four investors are conducting due diligence and that a deal could be concluded before the end of the year.
The bank is no longer lending, with a negative capital position.
Loss-making Spire Bank is in sale talks with four separate investors in the quest for a turnaround after the exit of businessman Naushad Merali.
Merali’s Sh1.7bn withdrawal that sank teachers Spire Bank
Thursday April 29 2021
By PATRICK ALUSHULA
Summary
The bank lost Sh2.2 billion in the three years following Mr Merali’s move, with the withdrawal of 81.3 percent of the cash or Sh1.79 billion happening in under a year.
Mwalimu, which is owned by teachers, first acquired a 75 per cent stake in the lender, which was then operating as Equatorial Commercial Bank, and was owned Mr Merali.
The bank is no longer lending, with a negative capital position.
Tycoon Naushad Merali withdrew Sh1.7 billion from Spire Bank days after selling the lender to Mwalimu National Sacco, triggering a chain reaction that has pushed the lender owned by teachers on the brink of collapse.
South African agency now withdraws Fidelity Shield Insurance ratings
Friday January 29 2021
By BRIAN NGUGI
Summary
South African ratings firm Global Credit Ratings (GCR) has now withdrawn the credit profile of Naushad Merali-associated Fidelity Shield Insurance company for failing to disclose information, weeks after suspending the insurer s ratings.
GCR said it will no longer rate the agency adding that the BBB-(KE) rating issued after a review in November 2019, indicating high credit quality and certainty of timely payments, has been withdrawn.
South African ratings firm Global Credit Ratings (GCR) has now withdrawn the credit profile of Naushad Merali-associated Fidelity Shield Insurance company for failing to disclose information, weeks after suspending the insurer s ratings.
GCR said the BBB-(KE) rating issued after a review in November 2019, indicating high credit quality and certainty of timely payments, has been withdrawn.