High Court freezes Equity acquisition of Spire Bank

The High Court has frozen Equity Bank’s acquisition of Spire Bank amid a dispute over the fate of employees in the troubled lender.

Employment and Labour Relations Court judge Maureen Onyango ruled that the lenders should maintain the status quo until a deal is agreed with the employees.

Spire Bank’s employees through the Bank Insurance and Finance Union (BIGU) sued to block the acquisition, arguing their employer had kept them in the dark over the acquisition.

The deal is expected to give Equity a new foothold in the race for the teachers’ client base, with the purchase making it home to over 100,000 teachers accessing its services across the country.

https://www.businessdailyafrica.com/bd/corporate/companies/high-court-freezes-equity-acquisition-of-spire-bank-3988792