Sidian Bank

Sidian Bank
Private
Industry Financial Services
Founded 1984
Headquarters Nairobi, Kenya
Key people
 James Mworia
Chairman
Titus Karanja[1]
Managing Director
Products Loans, Checking, Savings, Investments, Debit Cards
Revenue Increase Aftertax: US$3.722 million (KES:372.3 million) (2015)[2]
Total assets US$179.1 million (KES:17.9 billion) (Q3:2014)[3]
Number of employees
 570+ (2009)
Parent Centum Investment Company
Website Homepage

Sidian Bank, formerly known as K-Rep Bank, is a commercial bank in Kenya, licensed by the Central Bank of Kenya, the national banking regulator.[4]

Overview

The bank is a medium-sized financial services provider, serving the urban and rural poor and small-to-medium business enterprises in Kenya.[5] As of June 2014, the total assets of the bank were approximately US$161 million (KES:13.9 billion), with shareholders' equity of approximately US$44 million (KES:3.79 billion).[6] As of April 2016, the bank customer base exceeded 300,000. The name Sidian is derived from Obsidian, an extrusive igneous rock.[7]

History

Sidian Bank was founded in 1984 as K-Rep. In the beginning, the organization provided grants and technical assistance to non-governmental organizations (NGO). The NGOs then made loans to micro-enterprises.

In 1989, K-Rep changed its strategy to lending to the NGOs. The technical assistance that had been provided for free now attracted a fee.

In 1999, K-Rep re-organized itself into four entities:[8]

  1. K-Rep Group – This is the parent company. It owns, either wholly or partially, the other three subsidiaries.
  2. K-Rep Development Agency – This agency carries out research and developmental assistance work for the group
  3. K-Rep Advisory Services – This company provides consultancy services for a fee.

In 2015, Centum Investment Company completed its acquisition of a majority stake in the bank.[9] The bank later changed its name from K-Rep Bank to Sidian Bank in April 2016.[10]

Ownership

The bank's stock is owned by the following corporate entities:[11] On 4 April 2016, K-Rep bank re-branded as Sidian Bank, to reflect the majority shareholding by Centum Investments Limited.[12]

K-Rep BankStock Ownership
Rank Name of OwnerPercentage Ownership
1Bakii Holdco Limited167.54
2K-Rep Group22.00
3Other Investors10.46
Total100.00

1 - Bakii Holdco Limited is a Non-Operating Holding Company and a wholly owned subsidiary of Centum Investment Company. This is in accordance with the CBK Banking Act and Prudential Guidelines.[13]

Governance

The chairman of the seven-person board of directors is James Mworia, one of the non-executive directors. Titus Karanja serves as the managing director.[1]

See also

References

  1. 1 2 Capital FM Correspondent, . (23 June 2015). "Kenya: K-Rep Bank Appoints New Managing Director". 98.4 Capital FM (Nairobi) via AllAfrica.com. Retrieved 24 June 2015.
  2. ↑ Ngigi, George (29 March 2016). "K-Rep Bank net profit drops 27.5pc as funding costs go up". Business Daily Africa. Nairobi. Retrieved 29 March 2016.
  3. ↑ BIZNAKE (28 March 2016). "Centum’s K-Rep Bank changes name to Sidian Bank in re-branding move". Nairobi: Bizna.co.ke (BIZNAKE). Retrieved 28 March 2016.
  4. ↑ CBK. "Central Bank of Kenya: Commercial Banks & Mortgage Finance Institutions". Nairobi: Central Bank of Kenya (CBK). Retrieved 31 July 2014.
  5. ↑ Michira, Moses (21 October 2010). "Private Financiers See Potential In SMEs". Business Daily Africa. Nairobi. Retrieved 31 July 2014.
  6. ↑ Juma, Victor (31 July 2014). "Centum Bids for Majority Stake In K-Rep Bank". Business Daily Africa. Retrieved 31 July 2014.
  7. ↑ Ngugi, Brian (4 April 2016). "Sidian Bank’s minority investors to provide Sh400m capital". Business Daily Africa. Nairobi. Retrieved 5 April 2016.
  8. ↑ MCU, . (25 January 2012). "MicroCapital Universe: K-Rep Bank". MicroCapital.Org (MCU).
  9. ↑ Mwaniki, Charles (20 May 2015). "Centum To Inject KSh1.2 Billion Bond Proceeds Into K-Rep Bank". Business Daily Africa. Nairobi. Retrieved 21 May 2015.
  10. ↑ "Sidian Bank - About us". Sidian Bank Limited. Retrieved 2016-04-02.
  11. ↑ "Acquisition Of Shareholding in K-REP Bank Ltd". Centum Investment Company Limited. 31 July 2014. Retrieved 28 December 2014.
  12. ↑ Mutegi, Mugambi (27 March 2016). "K-Rep Bank plans name change as it seeks to shed microfinance image". Business Daily Africa. Nairobi.
  13. ↑ "Announcement on K-REP acquisition" (PDF). Centum Investment Company Limited. 30 September 2014. Retrieved 28 December 2014.

External links

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