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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.
Central Bank of Kenya (CBK) Govenor Patrick Njoroge said yesterday the National Treasury had given its seal of approval, paving way for Equity to take over the bank.
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