Type Private Website Homepage Number of employees 590 | Industry Financial Services Parent organization Centum Investments Founded 1984 | |
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Key people James MworiaChairmanTitus KaranjaManaging Director Products Loans, Checking, Savings, Investments, Debit Cards CEO Titus Karanja (1 Jul 2015–) Revenue 3.722 million USD (Aftertax, KES:372.3 million, ...) Total assets 191.8 million USD (2015, KES:19.11 billion) | ||
Sidian bank offers voluntary early retirement
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.
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Location
The headquarters of Sidian Bank are located at K-Rep Centre, on Wood Avenue, in Kilimani, a neighborhood in Nairobi, the capital and largest city in Kenya. The coordinates of the bank's headquarters are: 01°17'26.0"S, 36°47'10.0"E (Latitude:-1.290556; Longitude:36.786112).
Overview
The bank is a medium-sized financial services provider, serving the urban and rural poor and small-to-medium business enterprises in Kenya. As of December 2015, the total assets of the bank were valued at about US$191.83 million (KES:19.11 billion), with shareholders' equity of approximately US$38.52 million (KES:3.84 billion). As of April 2016, the bank customer base exceeded 300,000. The name Sidian is derived from Obsidian, an extrusive igneous rock.
History
Sidian Bank was founded in 1984 as K-Rep Bank. 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:
- K-Rep Group – This is the parent company. It owns, either wholly or partially, the other three subsidiaries.
- K-Rep Development Agency – This agency carries out research and developmental assistance work for the group
- 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. The bank later changed its name from K-Rep Bank to Sidian Bank in April 2016.
Ownership
On 4 April 2016, K-Rep bank re-branded as Sidian Bank, to reflect the majority shareholding by Centum Investments Limited. As at 31 August 2016, the major shareholders in the bank stock included the following:
1 - Bakii Holdco Limited is a Non-Operating Holding Company and a wholly owned subsidiary of Centum Investments. This is in accordance with the CBK Banking Act and Prudential Guidelines.
2 - K-Rep Group are the entities that founded K-Rep Bank in 1984.
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.