The National Assembly’s Departmental Committee on Finance and National Planning chaired by Kimani Francis Kuria, yesterday met with several stakeholders over the planned acquisition of Spire Bank by a strategic Investor.
The matter was brought to the attention of the House by the MP for Mukurwe-ini the John Kaguchia.
The members wanted to get an account of the ongoings at the Bank, and the safety of the members’ deposits. Most of the members are drawn from the teaching fraternity.
In his submissions, the Chairman of Mwalimu National Sacco, Joel Gachari informed the committee that the Sacco holds the majority shareholding at Spire Bank; at approximately 99.2 per cent shares, with the remaining 0.8 per cent shares being owned by members of public and individuals.
Gachari informed the Committee that some of the challenges faced by the bank such as low liquidity had led to the decision of putting the bank under acquisition.
On his part, the Competition Authority’s Chief Executive Officer, Wang’ombe Karioki stated that the request for acquisition was presented to the Authority on 27th October, 2022, but with all fillings not duly done, the Authority had to refer the matter to the involved parties before they could determine whether to accept or decline the takeover.
Wang’ombe also informed the committee that they had written to Spire Bank to explain the fate of the employees if the acquisition were to go through.
He informed the Committee that it was in their interest to ensure that some of the employees if not all, retained their Jobs.
The Committee is scheduled to hold another hearing over the matter tomorrow.
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