Mwalimu Sacco announces full acquisition of Spire Bank
Mwalimu Sacco announces full acquisition of Spire Bank Shares Mwalimu National SACCO has announced its full acquisition of Spire Bank from businessman Naushad Merali of Sameer Group, for an undisclosed amount. The bank, formerly known as the Equatorial Commercial Bank (ECB) traded 50% stake to Mwalimu National SACCO for Ksh.500 million. This was following approval by the Competition Authority of Kenya (CAK). On 10th October 2014, Mwalimu National SACCO signed an agreement on to buy the banking and investment arm of ECB. The SACCO then became the majority shareholder in the Bank, having acquir...
Source: hapakenya.com