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Merali's Sh1.7bn withdrawal that sank teachers' Spire Bank

Merali’s Sh1.7bn withdrawal that sank teachers Spire Bank
Thursday April 29 2021
By PATRICK ALUSHULA
Summary
The bank lost Sh2.2 billion in the three years following Mr Merali’s move, with the withdrawal of 81.3 percent of the cash or Sh1.79 billion happening in under a year.
Mwalimu, which is owned by teachers, first acquired a 75 per cent stake in the lender, which was then operating as Equatorial Commercial Bank, and was owned Mr Merali.
The bank is no longer lending, with a negative capital position.
Tycoon Naushad Merali withdrew Sh1.7 billion from Spire Bank days after selling the lender to Mwalimu National Sacco, triggering a chain reaction that has pushed the lender owned by teachers on the brink of collapse. ....

Nairobi Area , Naushad Merali , Moses Wetangula , Robert Shibutse , Charles Kibiru , Spire Bank , Central Bank , Imperial Bank , Equatorial Commercial Bank , Spire Bank Brian Kilonzo , Equatorial Fidelity Centre , Mwalimu National Sacco , Wellington Otiende , Fidelity Shield Insurance , நைரோபி பரப்பளவு , ஸ்பைர் வங்கி , மைய வங்கி , ஏகாதிபத்தியம் வங்கி , பூமத்திய ரேகை வணிகரீதியானது வங்கி , பூமத்திய ரேகை நம்பகத்தன்மை மையம் , நம்பகத்தன்மை கவசம் காப்பீடு ,

Kenyan MPs probe sale of troubled Spire Bank to teachers

Kenyan MPs probe sale of troubled Spire Bank to teachers
Wednesday April 28 2021
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Kenyan lawmakers have opened an investigation into the controversial sale of the troubled Spire Bank to Mwalimu National Sacco (MNS) in a deal estimated at over Ksh3 billion ($28 million).
The sacco board blamed the poor performance of the lender on business tycoon Naushad Merali who withdrew all of his deposits amounting to Ksh1.7 billion ($15.74 million) immediately after selling his shares in the bank.
The Senate Committee on Finance and Budget is investigating the transaction that has raised eyebrows in investment circles and is demanding an explanation from Central Bank on how teachers appeared to have been duped into putting money in an investment that has failed to generate profit in the last six years. ....

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MPs query odd withdrawal before sale of Merali's bank

MPs query odd withdrawal before sale of Merali's bank
standardmedia.co.ke - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from standardmedia.co.ke Daily Mail and Mail on Sunday newspapers.

Nairobi Area , David Ndegwa , Naushad Merali , Moses Wetangula , Rose Nyamunga , Brian Kilonzo , Imperial Bank Ltd , Spire Bank , Committee On , Central Bank , Chase Bank , Equatorial Commercial Bank , Senate Committee , Mwalimu National Sacco , Mwalimu National , Chairman Wellington Otiende , Acting Managing Director Brian Kilonzo , Board Chairman David Ndegwa , Bungoma Senator Moses , Senator Rose , நைரோபி பரப்பளவு , டேவிட் நிடேகுவ , ஏகாதிபத்தியம் வங்கி லிமிடெட் , ஸ்பைர் வங்கி , குழு ஆன் , மைய வங்கி ,

AFC shouldn't transform into a bank - Business Daily

AFC shouldn't transform into a bank - Business Daily
businessdailyafrica.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from businessdailyafrica.com Daily Mail and Mail on Sunday newspapers.

Agricultural Finance Corporation , Equatorial Commercial Bank , Mwalimu National Sacco , East Africa , பூமத்திய ரேகை வணிகரீதியானது வங்கி ,

Mwalimu Sacco edges Merali out of Spire Bank, begins search for strategic investor

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.
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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 Merali , Brian Kilonzo , Alphonse Kaio , Kenya Mwalimu National Sacco , Spire Bank , Central Bank , Sacco Societies Regulatory Authority , Competition Authority Of Kenya , Equatorial Commercial Bank , Alliance Of Kenya , Mwalimu National Sacco , Umwalimu Sacco , United Kingdom Based , Mwalimu Sacco Chief Executive Alphonse Kaio , Cooperative Alliance , Competition Authority , Sacco Societies Regulatory , அல்போன்ஸ் காோ , ஸ்பைர் வங்கி , மைய வங்கி , ஸ்யாகொ சமூகங்கள் ஒழுங்குமுறை அதிகாரம் , போட்டி அதிகாரம் ஆஃப் கேந்ய , பூமத்திய ரேகை வணிகரீதியானது வங்கி , கூட்டணி ஆஃப் கேந்ய , ஒன்றுபட்டது கிஂக்டம் அடிப்படையிலானது , கூட்டுறவு கூட்டணி ,