Jittery teachers seek Spire Bank’s bailout from CBK

Spire Bank, Chester House branch. Teachers are concerned the lender could sink with their hard-earned savings. [Wilberforce Okwiri, Standard]

Teachers want the government to bail out Spire Bank, formerly Equatorial Commercial Bank (ECB), which is facing financial difficulties -with their Sh2.6 billion savings at stake.

In a petition tabled in Parliament by Alego-Usonga MP Sam Atandi, the teachers sought the intervention of the Central Bank of Kenya (CBK), noting that Spire Bank has since 2014 been dogged with financial challenges.