The Central Bank of Kenya and the National Treasury have approved the acquisition of certain assets and liabilities of Spire Bank Limited by Equity Bank Kenya.
Equity Bank (Kenya) Limited, a subsidiary of Equity Group Holdings, will acquire Spire Bank’s 20,000 existing depositors, whose deposit is approximately KSh1.3 billion and 3,700 loan customers with a loan book of approximately KSh945 million.
The acquisition becomes effective on January 31, 2023.
Shareholders of Spire bank approved the acquisition on September 8 last year.
Spire, formerly known as Equatorial Commercial Bank Limited (ECB), started operations in 1984 as a non-bank financial institution and converted into a commercial bank on December 13, 1995.
ECB and Southern Credit Banking Corporation Limited merged their respective businesses on June 1, 2010, and retained the name ECB.
In December 2014, Mwalimu National Cooperative Savings and Credit Society Limited (Mwalimu National) acquired a majority stake in ECB. On May 20, 2016, the bank changed its name to Spire Bank Limited.
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