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Teachers learn Sh10bn loss lesson in Spire deal
(From left) Mwalimu Sacco acting chief executive Kenneth Odhiambo, Mwalimu National Sacco Chairman Joel Gachari and Equity Group PLC Managing Director and CEO Dr James Mwangi during the official handover of certain assets and liabilities of Spire Bank Limited (Spire Bank), to Equity Bank on February 1, 2023. PHOTO | DIANA NGILA | NMG
They came, saw but failed to conquer. And after nearly a decade of cash drain, Mwalimu Sacco has left Spire Bank having been schooled on how not to invest.
All the deposits and loans in all the 10 branches of Spire Bank were on the midnight of Tuesday passed to Equity Bank Kenya following the effecting of a deal that received the blessings of the Treasury last week.
