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Friday, December 2, 2022 – Central Bank of Kenya Governor, Dr. Patrick Njoroge has come to the defence of Equity Bank after it controversially acquired Spire Bank.

The National Assembly’s Finance and National Administration Committee on Thursday accused Njoroge of sleeping on his job after failing to rescue the bank which is owned by Mwalimu Sacco.

In the acquisition deal, Mwalimu Sacco Limited will pay Equity bank Sh422 million in the liability, asset purchase deal that committee members said is not good for the teachers-owned bank even as Dr. Njoroge said the Sacco cannot save the bank from liquidity issues.

Spire Bank has seen its nonperforming loans increase from Sh1.3 billion to the current Sh2.7 billion contributing hugely to the country’s 14 percent in nonperforming loans.

“I believe this is the best chance for the teachers and I am happy Equity Bank is ready to clean up the mess,” Dr. Njoroge told the committee.

With Equity bank interested in customer deposits and the loan book, it means that the teachers’ bank will be left with its banking license and its current 12 branches spread in some parts of the country.

The CBK boss also revealed that so far CBK, the industry regulator, has Sh700 million in liquidity in exchange for Treasury Bills from Spire bank.

The Kenyan DAILY POST.

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