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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.
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