Spire Bank has announced it has closed its Upper Hill branch and has subsequently moves those customers accounts to its Hurlingham branch. The decision is in a series of brand re-strategy.
The bank announced that it will move all Upper Hill Branch’s accounts to Hurlingham Branch after the Central Bank of Kenya approved its application.
In a notice to its customers, Brian Kilonzo, Acting Managing Director said, ” Our strategic plan is driven by digital banking solutions and branch network optimization. Please note that there will be no change to your account number and any transactional abilities.”
The other Spire Bank branches in Nairobi include the Head Office on Mwalimu Towers in Upperhill, Mombasa Road branch in Sameer Business Park, Industrial Area branch on Enterprise Road, Chester House branch on Koinange Street and Waiyaki Way branch on Equatorial Fidelity Centre, Waiyaki Way.
The lender has recently experienced financial troubles that led to its 100% acquisition by Mwalimu Sacco late last year from businessman Naushad Merali of Sameer Group, for an undisclosed amount.
The bank has so far accumulated losses amounting to Ksh. 8.13 billion, pushing it into liquidity and capital deficiencies with total shareholder funds turning to negative Ksh.1.32 billion in the period ending September 30.
Its core capital is operating in the negative territory of Ksh.2.36 billion compared to the statutory limit of Ksh.1 billion.
In its new strategy, the Bank hopes to recover from the losses made and streamline itself to start making profits. Customers can continue to get services from the Bank’s new location in Hurlingham.