Relief for teachers, Equity as Treasury approves Spire Bank sale

Spire Bank's Chester House branch. [Wilberforce Okwiri, Standard]

The government has finally approved the sale of Spire Bank to Equity Bank, offering a lifeline to the troubled lender and a new business leaf for Kenya's largest lender.

The deal will see Equity, which has a Sh1.3 trillion asset base, take over Sh945 million in loan assets and deposit liabilities of Sh1.3 billion from the struggling Spire Bank, which is owned by teachers through Mwalimu Sacco.