Equity Bank Kenya has finalized the acquisition of certain assets and liabilities of Spire Bank following regulatory approvals.

The transaction that has taken a year to complete has offered a lifeline to Spire Bank which had accumulated losses of about Ksh 10 billion.

The Central Bank of Kenya last Friday approved the acquisition of Spire Bank Limited in a deal that will see Equity Group acquire its assets and liabilities.

Equity Group Managing Director Dr. James Mwangi says the Kenyan subsidiary has finalized the process of bringing on board Spire Bank’s 20,000 deposit accounts worth about Ksh 1.23 billion and 3,700 loan accounts with a loan book of Ksh 945 million.

“The decision to acquire Spire Bank’s certain assets and liabilities were not hard and were inspired largely by our history with teachers who have continued to support the Bank over the years. This long-standing partnership extends to other collaborative initiatives including the Wings to Fly scholarship program that has benefited over 60,000 scholars.”

“We have also partnered with our schools to support them transition to clean energy for lighting and cooking.  Today, we celebrate the completion of the transaction and are happy to report we have started serving former Spire Bank customers,” said Mwangi.

Following completion of the transaction, Spire Bank borrowers also have the option of restructuring their loans.

“Equity Bank has stepped in to support Spire Bank to finish well. We are grateful that the Bank opened its doors for us and that moving forward, we shall be part of this great institution. We appreciate all stakeholders involved in this journey and express gratitude for the dignity and respect accorded to our customers and staff during this transition process. This transaction truly sets pace for similar initiatives within the financial services sector,” said William Rahedi, Spire Bank Board Chairman, said,

 The acquisition that has taken a year to complete has offered a lifeline to Spire Bank which has been facing financial challenges.

Mwalimu National Sacco, acquired Spire Bank in the year 2014.