Mwalimu sacco Pumps Additional Sh375m into Loss Making Spire Bank

 ›  ›  ›  ›  ›  ›  ›  › Mwalimu sacco Pumps Additional Sh375m into Loss Making Spire Bank

Africa,Diaspora,Kenya,Kenya Diaspora News,News,SACCO,U.S Diaspora

Mwalimu sacco Pumps Additional Sh375m into Loss Making Spire Bank

Share this
Spire Bank Kenya MD Tim Gitonga:Spire Bank Kenya Extends LOSSES From Sh. 486.4 Million in 2015 to Sh 751.6 Million in 2016 -Customer Deposits Down-Interest Income Down

Mwalimu sacco Pumps Additional Sh375m into Loss Making Spire Bank

Kenyan Teachers Cooperative Savings & Credit Society popularly known as Mwalimu National Sacco Limited has injected an additional Sh 375 Million into loss making Tier three lender, Spire Bank Of Kenya in form of a shareholder loan.

According to the Business Daily, the Sh 375 Million loan will help Bank boost its thinning capital ratios as it targets to raise a total of Sh500 million.

Mwalimu Sacco which is ranked Kenya’s number one SACCO in terms of assets in 2015 acquired a controlling 75 per cent stake in Spire Bank, formerly Equatorial Commercial Bank.

In an interview with Business Daily, the Bank’s CEO Tim Gitonga was quoted, “The cash has already been provided by shareholders and is undergoing regulatory approval. We are already looking for additional funding lines and we have commissioned advisers to this extent.”

In the Full Year 2016 Results made public last week, the Bank extended its losses to Sh751 million from a loss of Sh486 Million posted in 2015 and Sh326 million loss in 2014.

Source:http://kenyanwallstreet.com/

Mwalimu sacco Pumps Additional Sh375m into Loss Making Spire Bank Reviewed by on April 6, 2017 .

Share thisFacebookTwitterPinterestEmailWhatsAppSpire Bank Kenya MD Tim Gitonga:Spire Bank Kenya Extends LOSSES From Sh. 486.4 Million in 2015 to Sh 751.6 Million in 2016 -Customer Deposits Down-Interest Income Down Mwalimu sacco Pumps Additional Sh375m into Loss Making Spire Bank Kenyan Teachers Cooperative Savings & Credit Society popularly known as Mwalimu National Sacco Limited has injected an additional Sh 375

LEAVE A REPLY

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

SAMRACK MEDIA

SAMRACK PRESTIGE SERVICES (S.P.S)

Phone:Tel 781-888-8770

Email: samlibbi@gmail.com,
Email: Samlibbi@yahoo.com

Your Convenience is our Priority!

View Monthly Archives

Subscribe to our Mailing List

Page generated in 1.953 seconds. Stats plugin by www.blog.ca