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The saccos regulator barred the teachers’ Mwalimu National Sacco from injecting Sh2 billion into the troubled Spire Bank, putting the loss-making lender at risk of collapse.
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 ...
Spire Bank appoints Fredrick Nyasaka as the new head of finance and administration Shares Spire Bank which is a subsidiary of Mwalimu National Sacco has announced the appointment of Fredrick Omondi Nyasaka as the new Head of Finance and Administration. This is with effect from 1 st March 2021 . Nyasaka has over 18 years of experience in the banking sector having worked both in the Internal Audit and Finance departments. Before joining the Bank, he worked at Bank of Africa as the Head of Finance and Head of Internal Audit and served at KCB Bank as the Head of Financial Reporting. Nyasaka held ...
Spire Bank closes Upperhill branch; moves accounts to its Hurlingham branch Shares Spire Bank has announced it has closed its Upper Hill branch and has subsequently moves those customers accounts to its Hurlingham branch. The decision is in a series of brand re-strategy. The bank announced that it will move all Upper Hill Branch’s accounts to Hurlingham Branch after the Central Bank of Kenya approved its application. In a notice to its customers, Brian Kilonzo, Acting Managing Director said, ” Our strategic plan is driven by digital banking solutions and branch network optimization. Pleas...
The East African Wednesday December 30 2020 A Spire Bank branch in Nairobi. Previous attempts by Mwalimu Sacco to sell its stake in the lender collapsed after UK-based crypto lender BlockBank abandoned the deal after expressing interest in 2018. PHOTO | FILE | NMG Summary The giant teachers’ Sacco finally edged out business tycoon Naushad Merali from the bank in a share-purchase deal deemed as the ticket for attracting deep pocketed investors with much-needed resources and expertise to turn around the loss-making third-tier lender. Advertisement Kenya’s Mwalimu National Sacco has acquired...