Equity Bank has unveiled plans to restructure the Sh945 million loan book it has acquired from Spire Bank. Equity Group CEO James Mwangi said they are willing to enter into discussions on restructuring with the 3700 Spire Bank customers who have loans to allow them to settle their dues and retain their securities. The restructuring will allow the lender to match assets and liabilities acquired to offset customer obligations. The announcement comes after the completion of the bank’s acquisition of certain assets and liabilities of Spire Bank.
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Kenya: Equity Bank to take over Spire Bank
Equity Bank Kenya will acquire certain assets and liabilities of Spire Bank Limited, after getting approvals from the Central Bank of Kenya and National Treasury. The acquisition will offer a lifeline to the struggling lender and will acquire 20k depositors and 3,700 loan customers. Spire Bank has been struggling with defaulting on all Central Bank of Kenya ratios and posted a Sh403 million net loss in H1 2022.
Categories: Banks