Mwalimu Sacco edges Merali out of Spire Bank, begins search for strategic investor
A Spire Bank branch in Nairobi. Previous attempts by Mwalimu Sacco to sell its stake in the lender collapsed after UK-based crypto lender BlockBank abandoned the deal after expressing interest in 2018. PHOTO | FILE | NMG
Kenya’s Mwalimu National Sacco has acquired 100 percent ownership of the trouble-ridden Spire Bank in a tactical move to eventually offload the shares to a strategic investor after close to six years of clinging to an investment that went bust.
The giant teachers’ Sacco finally edged out business tycoon Naushad Merali from the bank in a share-purchase deal deemed as the ticket for attracting deep pocketed investors with much-needed resources and expertise to turn around the loss-making third-tier lender.
