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Why Spire Bank deal is a win for Equity, Mwalimu
(From left) Spire Bank board chairman William Rahedi, Mwalimu National Sacco Chairman Joel Gachari, 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
If the Central Bank of Kenya (CBK) had placed troubled Spire Bank under statutory management, like it did Chase Bank, Dubai Bank, Imperial Bank and a host of others before, we would right now be having a stream of depositors queuing and yelling at Spire Bank’s 10 branches without recourse.
And they wouldn’t be able to access their money for a couple of years, if at all.
