James Mwangi, the CEO of Equity Bank, has announced that the bank is set to undertake a restructuring of Spire Bank’s loan portfolio worth Ksh945 million ($7.58 million).
The restructuring exercise aims to improve the loan portfolio’s efficiency and performance and ensure that Spire Bank is better positioned to meet the needs of its customers.
The move follows a similar exercise undertaken by Equity Bank in recent years, which has proven to be successful in enhancing the performance of loan portfolios and improving the overall financial health of the banks involved.
With this latest restructuring effort, Equity Bank is seeking to build on this success and help Spire Bank achieve its full potential. Mwangi stated that the bank is committed to supporting the growth and development of Spire Bank, and this restructuring exercise is a testament to that commitment.
He added that the bank is confident that the restructuring will be beneficial for Spire Bank and its customers, and will play a key role in helping the bank achieve its long-term goals.
Overall, the restructuring of Spire Bank’s loan portfolio is a positive development for the bank and its customers and will help the bank better serve the needs of its customers and drive growth and prosperity in the years to come.
Mwangi has been instrumental in driving the Equity Group’s growth and success, implementing a range of initiatives and programs that have helped to increase access to financial services for millions of people and support the growth of small and medium-sized enterprises.
Some of Mwangi’s key achievements include the creation of Equity Bank’s groundbreaking mobile banking platform, which has revolutionized the way people access financial services in Kenya, and the establishment of Equity Bank’s microfinance subsidiary, which has provided millions of people with access to affordable credit.
