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Sale of Spire Bank drags on as potential buyers fail CBK test

Spire Bank had accumulated losses of Sh9.19 billion as of September 2021. [Wilberforce Okwiri, Standard]

Mwalimu Sacco’s push to sell struggling Spire Bank faces an extended wait following revelations that none of the prospective bidders has passed the regulatory test.

The Sacco on Thursday wrote to members informing them that the quest to liquidate Spire Bank is still on course, but there is no viable offer yet in a process that started four years ago.

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