24.2 C
Tuesday, June 6, 2023

ECB Bank rebrands to Spire Bank in move to fuel growth


Related stories

Mathare United turns to God ahead of remaining fixtures

FKFPL side Mathare United has find itself on the...

DJ Fatxo Leaves Fans Guessing He Sold Mercedes Benz After Visiting Home in Old Toyota

Renowned Mugithi singer Lawrence Njuguna Wagura, popularly known as...

Siaya County Says It Has New Evidence Against Deputy Governor Oduol

The Siaya county government has come forward with what...

DJ Brownskin Arrested For Sending Video Of Late Wife Taking Poison To Girlfriend

Detectives from the Directorate of Criminal Investigations (DCI) have...

Paul Mackenzie Asks Journalists to Buy Him Milk, Bread With Money They’ve Made from His Stories

Clergyman Paul Mackenzie left journalists in stitches after asking...

Equatorial Commercial Bank (ECB) has re-branded to Spire Bank. The newly re-branded bank was unveiled on Tuesday morning in a move aimed at restructuring the bank’s operations to accelerate growth.

Speaking during the rebranding, Spire Bank’s managing director Tim Gitonga said that the bank will looking to grow its banking business through the provision of retail, corporate and SME banking products. “This will be part of our 2016 to 2019 strategy of growing from a tier three bank to a tier two bank, and will be supported by high end technology,” he said. “As part of the delivering on this strategy, we have adopted new approaches to managing our business by focusing on technology, people and processes as our focal pillars for sustained growth.”

The bank further announced that it will be entering into partnership with Mwalimu Sacco in the next two months to start offering agency banking services. Additionally, the bank will open 7 new branches by the end of 2017 and integrate ICT systems to create collection convenience for Saccos and counties. “These changes are aimed at improving customer interaction, reducing operational cost and developing new business opportunities,” said Mr. Gitonga.

Spire Bank recently received an additional Sh. 1 billion capital infusion from its anchor shareholders, Mwalimu National Sacco and Sameer Investment Group. This brought the amount of capital invested in the bank to over Sh. 2.6 billion.

The bank, which was established in 1983, is 75 per cent owned by teachers sacco, Mwalimu National, which is the biggest sacco in Africa with over 70,000 members. Currently Mwalimu National has an asset base of over of Sh. 33 billion and reserves of about Sh. 5.3 billion. “With such a huge and growing balance sheet as well as large number of members, Mwalimu National has sufficient muscle to sustainably support Spire Bank foray into the market and therefore growth,” said Mr. Gitonga.

The bank also owns an insurance brokerage arm which offers personal, corporate sme and card insurance policies.


- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from up to 5 devices at once

Latest stories


Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.