Kenya’s Equatorial Commercial Bank has rebranded to Spire Bank with its tagline, “Inspiring you to do more.”
“Spire Bank is a fresh brand with renewed energy and motivation for growth. Spire Bank reflects the bank’s ambition to simplify processes, improve branch productivity and provide best-in-class service to its customers,” said Tim Gitonga the Banks’s CEO.
“Our choice of name was motivated by the bank’s desire to fulfill more and ensure that people live better lives,” he added during the launch.
— Spire Bank Kenya (@SpireBankKE) July 5, 2016
Teresa Mutegi, the bank’s board chair says, “Our target is to move from tier 3 to tier in the next 3 years.”
The Bank is 75% owned by Kenya’s Mwalimu Sacco. In September 2014, Mwalimu Cooperative Savings and Credit Society Limited, made a bid to acquire 51% shareholding in Equatorial Commercial Bank. This was in line with the strategic objective of the society of expanding business opportunities.
In 2015, the Sacco acquired another 24 percent shareholding, bringing its ownership to 75 percent.
Equatorial Finance Company was established in 1983, due to change in regulation; Equatorial Finance Company was converted to Equatorial Commercial Bank Limited and commenced operations as a fully-fledged commercial bank in June 1995.
In June 2010 Equatorial Commercial Bank (ECB) merged with Southern Credit Banking Corporation (SCBC), creating a new enlarged bank under the Equatorial Commercial Bank brand. The Merger was aimed at enabling the banks meet the Central Bank of Kenya requirement for commercial banks shore up their core capital to at least KES:1 billion (approximately US$12 million).