- The tier three bank will merge its Upper Hill branch with Hurlingham branch
Spire Bank closed its upper Hill branch in an overhaul of its network in line with its strategic plan.
The loss-making bank says it will move all Upper Hill Branch’s accounts to Hurlin*gham Branch after the Central Bank of Kenya approved its application.
In a notice to its customers, Brain Kilonzo, Ag. Managing Director said their strategic plan is “driven by digital banking solutions and branch network optimisation.”
The relocation took effect Thursday. “Please note that there will be no change to your account number and any transactional abilities.”
Currently, the lender is seeking a strategic investor after Kenya’s Mwalimu National Sacco acquired 100 per cent ownership from business tycoon Naushad Merali from the bank in a share-purchase deal.
The bank has accumulated losses amounting to Ksh8.13 billion pushing it into liquidity and capital deficiencies with total shareholder funds turning to negative Ksh1.32 billion in the nine period ending September 30.
Its core capital operating in the negative territory of Ksh2.36 billion compared to the statutory limit of Ksh1 billion.
