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The East African Wednesday December 30 2020 A Spire Bank branch in Nairobi. Previous attempts by Mwalimu Sacco to sell its stake in the lender collapsed after UK-based crypto lender BlockBank abandoned the deal after expressing interest in 2018. PHOTO | FILE | NMG Summary The giant teachers’ Sacco finally edged out business tycoon Naushad Merali from the bank in a share-purchase deal deemed as the ticket for attracting deep pocketed investors with much-needed resources and expertise to turn around the loss-making third-tier lender. Advertisement Kenya’s Mwalimu National Sacco has acquired 100 percent ownership of the trouble-ridden Spire Bank in a tactical move to eventually offload the shares to a strategic investor after close to six years of clinging to an investment that went bust.

Naushad meraliBrian kilonzoAlphonse kaioKenya mwalimu national saccoSpire bankCentral bankSacco societies regulatory authorityCompetition authority of kenyaEquatorial commercial bankAlliance of kenyaMwalimu national saccoUmwalimu saccoUnited kingdom basedMwalimu sacco chief executive alphonse kaioCooperative allianceCompetition authority