The purchase of billionaire Naushad Merali’s Equatorial Commercial Bank by Mwalimu Sacco has finally been given the go-ahead, giving the businessman an opportunity to make Sh2 billion windfall from the sale of the 32-year-old bank.
Mwalimu is the largest sacco in the country with a membership of 60,961 and savings of Sh18.3 billion. It intends to sell 40 per cent of Mwalimu National Holdings, the vehicle used to invest in ECB, to members.
A commission set up to investigate the controversial deal gave a nod to the transaction and turned the tables on the complainant, the Co-operative Alliance of Kenya (CAK), by calling for a competitive recruitment of its chief executive.READ MORE
SOURCE : BUSINESS DAILY