Kenya’s Equity Bank completes acquisition of Spire Bank
Equity Bank Limited, has completed the acquisition of certain assets and liabilities of teachers-owned Spire Bank Limited following regulatory approvals. With completion of the transaction, customers holding deposits in Spire Bank, other than the remaining deposits from Spire Bank’ s controlling shareholder, and specified loan customers will now…
•Equity Bank (Kenya) Limited (EBKL), has completed the acquisition of certain assets and liabilities of teachers-owned Spire Bank Limited following regulatory approvals.
•With completion of the transaction, customers holding deposits in Spire Bank, other than the remaining deposits from Spire Bank’s controlling shareholder, and specified loan customers will now transition to become EBKL customers, having new Equity Bank accounts.
•The decision to acquire Spire Bank’s certain assets and liabilities was inspired largely by the banks’ history with teachers who have continued to support the Bank over the years.
Equity Bank Kenya Limited (EBKL) has completed the acquisition of certain assets and liabilities of Kenyan teachers’ owned Spire Bank Limited following receipt of regulatory approvals.
The bank had to get approvals from the Cabinet Secretary Treasury and Planning under Section 9 (1) of the Banking Act, the Central Bank of Kenya under Section 9, ( 5) of the Banking Act, the …
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