Spire Bank customers have been fully migrated to Equity Bank (Kenya) Limited.
This follows the completion of the acquisition of assets and liabilities from Spire Bank by Equity following the Central Bank of Kenya approval.
Customers holding deposits in Spire Bank, other than the remaining deposits from Spire Bank’s controlling shareholder, and specified loan customers are now Equity Bank customers.
They are, therefore, requested to visit Equity branches nearby to have new Equity Bank accounts.
The completion of the acquisition follows an announcement that was made in September 2022 indicating that Equity Bank had entered into a transaction with Spire Bank for the proposed acquisition of approximately 20,000 deposit customers holding deposits of Sh1.322 billion and 3,700 loan customers that have outstanding loan balances reported at a net carrying value after statutory loan loss provisions of Sh945 million, as per Spire Bank’s un-audited 2022 half-year financial statements.
Dr. James Mwangi, Equity Group Managing Director, and CEO said the acquisition of spire bank was informed by history with teachers who have continued to support the Bank over the years.
“The decision to acquire Spire Bank’s certain assets and liability was not hard and was 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 their 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,” Mwangi said.
“Equity Bank has stepped in to support Spire Bank to finish well. We are grateful that the Bank opened its doors to 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,” Spire Bank Board Chairman, William Rahedi said.
The move to acquire Spire Bank customers by East and Central Africa’s largest lender is in line with Equity Group’s concerted efforts to champion the post-Covid-19 economic recovery and resilience of individuals, communities, and the continent at large.
