ECB rebrands to Spire bank as it restructures to accelerate growth
ECB has today rebranded to Spire Bank as it announced plans to restructure its operations to meet new business requirements and aid the organization in strategically positioning itself for future growth.
As part of the restructuring, Spire Bank plans to review operations of its business units to deliver business value and also increase their efficiency as it targets to move from tier three to tier two in five years.
Speaking during the launch of Spire Bank, Managing Director, Tim Gitonga said the bank’s 2016-2019 strategy is to grow its banking business through the provision of a complete suite of retail, SME and corporate banking products and services supported by technology to meet the ever changing needs of its customers.
“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 Gitonga.
He added: “As part of the delivering on our new brand promise, we have adopted new approaches to managing our business by focusing on “technology”, “people” and “processes” as our focal pillars for sustained growth.” The convergence of the three pillars will result to great value for our clients and shareholders, he concluded.
The bank, which was established in 1983, plans to refocus its bank’s branches into sales and service centres.
“The changes that we are implementing are aimed at improving customer interaction, reducing operational cost and developing new business opportunities,” said Gitonga.
As part of its transformation, Spire bank is upgrading its IT infrastructure, modernizing banking halls and introducing efficiencies in its operations including enhancement of existing electronic banking platforms.
Spire bank plans to roll out a new core banking system by in 2016 to support the development of additional banking products.
In addition to this, the banks customers now have a complete suite of well-tailored solutions – from Banking to Insurance. Our Insurance arm – Spire Insurance Brokers offers an array of services; to mention but a few; Personal Insurance, Corporate and SME Policies, and Card Insurance Policies. The brokerage guarantees that you ‘Get covered the sure way’
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. The Lime Green represents growth and abundance, the Navy blue represents stability and integrity and the brick orange represents enthusiasm and passion. The brand motif is inspired by African art which is both rich in creativity and attention to detail.
“We took those attributes to create a simple and memorable name that also borrows from Mwalimu National’s essence in that teachers inspire the lives of all of us. We wanted people to feel that we are the bank that inspires them to aspire even more,” said Gitonga.
Spire bank recently received additional Ksh 1 billion capital infusion from its anchor shareholders, Mwalimu National Sacco and Sameer Investment Group. The additional injection brings to over Ksh 2.6 billion the total amount of shareholder investment in the bank so far.
Spire Bank plans to enter into an agency banking agreement with Mwalimu Sacco by August this year. Plans are already complete and only await final regulatory approvals. Mwalimu national is today the largest Sacco in Africa with over 70,000 members, includes employees of the Teachers’ Service Commission in post primary institutions, TSC secretariat and Mwalimu Sacco staff.
Mwalimu National currently has an asset base in excess of Ksh 33 billion and has reserves in excess of Ksh 5.3 billion, which puts it in a favorable position compared to tier one banks.
“With such a huge and growing balance sheet as well as large number of members, Mwalimu National has sufficient muscle to sustainably support Spire Bank foray into the market and therefore growth. We have many joint initiatives that we are undertaking to benefit from group synergies,” said Gitonga.
Gitonga said the bank will continue to increase its range and depth of products in conformity of anticipating ever changing customer requirements.