Sidian Bank

Sidian Bank
Private
Industry Financial Services
Founded 1984
Headquarters Nairobi, Kenya
Key people
 James Mworia
Chairman
Chege Thumbi[1]
Managing Director
Products Loans, Checking, Savings, Investments, Debit Cards
Revenue Decrease Aftertax: US$4.22 million (KES:422 million) (2017)[2]
Total assets US$193 million million (KES:19.3 billion) (2017)[2]
Number of employees
 590+ (2016)[3]
Parent Centum Investment
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]

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.[5] The coordinates of the bank's headquarters are: 01°17'26.0"S, 36°47'10.0"E (Latitude:-1.290556; Longitude:36.786112).[6]

Overview

The bank is a medium-sized financial services provider, serving the urban and rural poor and small-to-medium business enterprises in Kenya.[7] As of December 2017, the total assets of the bank were valued at about US$US$193 million (KES:19.3 billion), with shareholders' equity of approximately US$34.9 million (KES:3.446 billion).[2] As of April 2016, the bank customer base exceeded 300,000. The name Sidian is derived from Obsidian, an extrusive igneous rock.[8]

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:[9]

  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.[10] The bank later changed its name from K-Rep Bank to Sidian Bank in April 2016.[11]

Ownership

On 4 April 2016, K-Rep Bank re-branded as Sidian Bank, to reflect the majority shareholding by Centum Investments Limited.[12] As at 31 December 2017, the major shareholders in the bank stock included the following:[2]

Sidian BankStock Ownership
RankName of OwnerPercentage Ownership
1Bakii Holdco Limited1
72.93
2K-Rep Group2
17.05
3KWA Multi-Purpose Co-operative Society
4.88
4Centum Investment Company Limited
1.84
5Kimathi Mutua
0.72
6Sarah Godana
0.53
7Kabiru Kinyanjui
0.42
8Mwenda Thiribi
0.35
9Anthony Wainaina
0.30
10Francis Kihiko
0.30
11Bethuel Kiplangat
0.28
12Aleke Dondo
0.22
13Judith Behemuka
0.17
14Francis Kimunyu
0.02
Total
100.00

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.[13]
2 - K-Rep Group are the entities that founded K-Rep Bank in 1984.[13]

Governance

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

See also

References

  1. 1 2 Mutegi, Mugambi (15 August 2017). "Sidian CEO Titus Karanja resigns after 2-year stint". Business Daily Africa. Nairobi. Retrieved 15 August 2017.
  2. 1 2 3 4 Sidian Bank (9 March 2018). "Sidian Bank Limited: Annual Report And Financial Statements For The Year Ended 31 December 2017" (PDF). Nairobi: Sidian Bank Limited. Retrieved 30 August 2018.
  3. ↑ Mutegi, Mugambi (24 July 2016). "Sidian head hunts Chase staff to drive SME unit". Business Daily Africa. Nairobi. Retrieved 25 July 2016.
  4. ↑ CBK. "Central Bank of Kenya: Commercial Banks & Mortgage Finance Institutions". Nairobi: Central Bank of Kenya (CBK). Archived from the original on 1 July 2014. Retrieved 31 July 2014.
  5. ↑ Sidian Bank (24 October 2016). "Sidian Bank: Contact Us". Nairobi: Sidian Bank. Retrieved 24 October 2016.
  6. ↑ Google (24 October 2016). "Location of the Headquarters of Sidian Bank, Kilimani, Nairobi, Kenya" (Map). Google Maps. Google. Retrieved 24 October 2016.
  7. ↑ Michira, Moses (21 October 2010). "Private Financiers See Potential In SMEs". Business Daily Africa. Nairobi. Retrieved 31 July 2014.
  8. ↑ Ngugi, Brian (4 April 2016). "Sidian Bank's minority investors to provide Sh400m capital". Business Daily Africa. Nairobi. Retrieved 5 April 2016.
  9. ↑ MCU (25 January 2012). "MicroCapital Universe: K-Rep Bank". MicroCapital.Org (MCU).
  10. ↑ 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.
  11. ↑ "Sidian Bank - About us". Sidian Bank Limited. Retrieved 2016-04-02.
  12. ↑ Mutegi, Mugambi (27 March 2016). "K-Rep Bank plans name change as it seeks to shed microfinance image". Business Daily Africa. Nairobi. Retrieved 30 August 2018.
  13. 1 2 Herbling, David (14 August 2014). "K-Rep report reveals owners of KSh3.8 billion bank". Business Daily Africa. Nairobi. Retrieved 15 August 2017.

Coordinates: 01°17′26″S 36°47′10″E / 1.29056°S 36.78611°E / -1.29056; 36.78611

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