Equatorial Commercial Bank rebrands to Spire Bank

Teachers’ majority owned lender Equatorial Commercial Bank (ECB) has rebranded to Spire Bank following acquisition by Mwalimu National Sacco.

Mr Tim Gitonga, Spire Bank managing director (left), Mr Nzomo Mutuku, acting director financial and advisory National Treasury, and Ms Teresa Mutegi, board chair Spire Bank. PHOTO | COURTESY 

In Summary

• Mwalimu National acquired the stake last year from businessman Naushad Merali who holds the remaining 25 per cent of the bank through his investment vehicle Sameer.

By GEORGE NGIGI, gngigi@ke.nationmedia.com

Teachers’ majority owned lender Equatorial Commercial Bank (ECB) has rebranded to Spire Bank following acquisition by Mwalimu National Sacco.
The bank, 75 per cent owned by the teachers Sacco becomes the third bank to rebrand this year. It follows K-Rep which became Sidian Bank following acquisition of a 67 per cent stake by Centum Investments and Oriental’s conversion to M-Oriental in line with entry of new owners M-Holdings.
Mwalimu National acquired the stake last year from businessman Naushad Merali who holds the remaining 25 per cent of the bank through his investment vehicle Sameer.
“Spire Bank reflects the bank’s ambition to simplify processes, improve branch productivity and provide best-in-class service to its customers,” said the banks managing director Tim Gitonga.
Spire has set its eyes on banking small and medium enterprises.
READ: Dividend drought continues as ECB sinks deeper into losses
ECB started banking operations in 1995. In 2010 it merged with Southern Credit Bank following increase in statutory core capital requirement.