Spire Bank, was initially called Equatorial Commercial Bank (ECB). It is a commercial bank in Kenya.
The financial institution serves corporate clients, small and medium enterprises and individuals in Kenya. The company has invested in Equatorial Investment Bank Limited with 20% shareholding and in Fidelity Shield Insurance Company Limited with 23.86% shareholding which has been accounted for as associate companies in the consolidated financial statements.
It was founded as an Equatorial Finance Company in 1983, but changes in regulation led to the conversion of the bank to Equatorial Commercial Bank Limited and commenced operations as a fully-fledged commercial bank in June 1995.
In June 2010 Equatorial Commercial Bank (ECB) unified with Southern Credit Banking Corporation (SCBC), to form a new enlarged bank under the Equatorial Commercial Bank brand. The Merger was aimed at enabling the banks to 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).
In September 2014, Mwalimu Cooperative Savings & Credit Society Limited, Kenya’s largest Sacco by assets, made a bid to obtain 51% shareholding in Equatorial Commercial Bank in a deal valued at KES:1.7 billion (approximately USD:18 million). The acquisition was to enable the Sacco to collect deposits from beyond its membership, access funds at lower rates, venture into trade finance and offer its members ATM services. The deal was concluded at the end of 2014 and in 2015, the Sacco acquired another 24 per cent shareholding, bringing its ownership to 75 per cent.
In July 2016, the bank was rebranded to Spire Bank.

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EQUATORIAL COMMERCIAL BANK/SPIRE BANK

EQUATORIAL COMMERCIAL BANK/SPIRE BANK

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