Teachers finally buy Merali bank

Kenya: Kenyan teachers have finally bought a commercial bank, placing them firmly at the centre of the country’s most lucrative sector. An application by the giant Mwalimu Sacco to buy a majority stake in business magnate Naushad Merali’s Equatorial Commercial Bank (ECB) was approved yesterday.

Mwalimu Sacco has been working towards the takeover for the better part of the last two years as part of its expansion into the country’s financial sector. This is one of the many investments Mwalimu Sacco will be making,” Mwalimu Sacco’s Chief Executive Officer Robert Shibutse, told The Standard on Saturday, after it was granted the approval.