Teachers to pay more to keep ECB stake in Sh1bn cash call

Equatorial Commercial Bank (ECB) has lined up its second rights issue in three months in a move that will see teachers —who acquired the lender in 2014 — dig deeper into their pockets to raise an extra Sh1 billion.

The lender, which raised Sh500 million in December, has issued a notice to shareholders asking them to approve the injection of another Sh1 billion at an extra-ordinary meeting slated for Tuesday next week.