Spire Bank Acquires New Status with CBK and Treasury Approval

Spire Bank has just received a significant boost with the approval of its new status by the Central Bank of Kenya (CBK) and the National Treasury. This approval marks a major milestone for the bank, which has been working tirelessly to meet the required standards.

Spire Bank has undergone rigorous evaluations to meet the stringent requirements for a commercial bank. The bank has successfully demonstrated its ability to operate efficiently and effectively, meeting the expectations of both the CBK and the Treasury.

With this new status, Spire Bank is now poised to take its services to the next level, offering a wider range of products and services to its customers. The bank's commitment to excellence and customer satisfaction has been recognized and rewarded with this prestigious approval.

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Spire Bank offers a range of financial products and services to cater to different needs.

Their savings accounts have no minimum balance requirements and do not charge maintenance fees. This makes it an attractive option for individuals who want to start saving without any hassle.

Spire Bank also offers loans to its customers, with flexible repayment terms and competitive interest rates.

The Central Bank of Kenya (CBK) and the National Treasury have given their approval for Equity Bank to acquire certain assets and liabilities of Spire Bank Limited. This acquisition is set to take place on January 31.

Equity Bank Kenya, a subsidiary of Equity Group Holdings, will be acquiring Spire Bank's 20,000 existing depositors with a total deposit of approximately Sh1.3 billion. The loan book of approximately Sh945 million from 3,700 loan customers will also be acquired.

Spire Bank has been struggling financially, and this acquisition is expected to provide a lifeline. The lender has been defaulting on all CBK ratios on capital and liquidity due to years of erosion through losses.

Spire Bank's unaudited report for the half-year period that ended June 2022 showed total customer deposits liabilities of Sh1.9 billion and net loans and advances to customers of Sh1.7 billion. Statutory loan loss reserves of Sh800 million were also reported, reducing the net loan and advances after applying statutory loan loss provisions to Sh945 million.

The acquisition will end Spire Bank's woes of defaulting on CBK ratios, and it's a step in the right direction for the struggling lender.

On a similar theme: Equity Group Holdings

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