Heavy losses wiped out Spire Bank’s capital in the year ended December 2018, making it the sole lender in the country operating with a negative asset base of Sh1 billion and exposing Sh6.6 billion worth of customer deposits to risk.
The bank, in which Mwalimu National Sacco owns a controlling 75 percent stake, is now caught in an urgent quest for new capital because its losses have seen it breach all the minimum capital adequacy ratios by large margins.
