Kenya's Equatorial Bank rebrands to Spire Bank, eyes Insurance Business

Kenya’s Equatorial Commercial Bank has announced it has revamped its corporate identity and changed its brand name to Spire Bank. The move is aimed at improving its business operations in oder to meet the ever changing needs of its customers.

You must have a solid foundation if you're going to have a strong superstructure. #WhatsYourMore @Tim_Gitonga pic.twitter.com/phARvFgT6B

— Spire Bank Kenya (@SpireBankKE) July 5, 2016

The Bank is 75% owned by Kenya’s Mwalimu Sacco, which is Africa’s Largest Savings & Credit Cooperative Organisation with an asset base in excess of Ksh 33 billion and over Ksh 5.3 Billion in reserves and over 70,000 members who include employees of the Teachers’ Service Commission in post primary institutions, TSC secretariat and Mwalimu Sacco staff. This is very strategic to the bank and puts it in a favorable position compared to most of the tier one banks.

The rebranding will also support Spire Bank as it seeks to enter into the insurance business as it has already developed an Insurance unit, Spire Insurance brokers to offer well-tailored solutions spanning from personal insurance, corporate and SME and card insurance policies.

The lender’s brand development initiative is part of its strategic commitment to fulfill its vision to move from tier three to tier two in five years time.

“Spire Bank is a fresh brand with renewed energy and motivation for growth. Spire Bank reflects the bank’s ambition to simplify processes, improve branch productivity and provide best-in-class service to its customers,” said Tim Gitonga the banks’s CEO.

The bank has also adopted new approaches to managing the business by focusing on enhancing its operating model around investment returns, strategic cost management and strict compliance with regulations.

Spire Bank is currently integrating its ICT systems to create collection convinience for saccos and counties, a model that is likely to disrupt major players in this segment like Coop Bank. This is part of its new positioning which aims to simplify the way saccos across the country administer their savings.

Why The Name Spire?

The choice of the name Spire was motivated by the bank’s desire to INSPIRE customers achieve more and fulfill their goal to ASPIRE to live better lives.