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Sidian Bank

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Coordinates: 01°17′26″S 36°47′10″E / 1.29056°S 36.78611°E / -1.29056; 36.78611
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Sidian Bank
Company typePrivate
IndustryFinancial Services
Founded1984
HeadquartersNairobi, Kenya
Key people
James Mworia
Chairman
Chege Thumbi[1]
Managing Director
ProductsLoans, Checking, Savings, Investments, Debit Cards
RevenueIncrease Aftertax:KES:89,415,000 (US$844,000) (2020)[2]
Total assetsKES:27.465 billion (US$259.3 million (2020)[2]
Number of employees
590+ (2016)[3]
ParentCentum Investment
WebsiteHomepage

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 March 2020, the total assets of the bank were valued at KES:27.465 billion (US$259.3 million, wit shareholders equity of KES:4.002 billion (US$37.8 million.[2] 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] On 4 April 2016, K-Rep Bank re-branded as Sidian Bank, to reflect the majority shareholding by Centum Investments Limited.[11]

Ownership

As at 31 December 2019, the major shareholders in the bank stock included the following:[12][13]

Sidian BankStock Ownership
Rank Name of Owner Percentage Ownership
1 Bakii Holdco Limited1
80.19
2 K-Rep Group2
12.25
3 KWA Multi-Purpose Co-operative Society
3.50
4 Centum Investment Company Limited
2.01
5 Kimathi Mutua
0.51
6 Sarah Godana
0.38
7 Kabiru Kinyanjui
0.30
8 Mwenda Thiribi
0.25
9 Francis Kihiko
0.22
10 Aleke Dondo
0.16
11 Judith Behemuka
0.12
12 Anthony Wainaina
0.09
13 Francis Kimunyu
0.01
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.[14]
2 - K-Rep Group are the entities that founded K-Rep Bank in 1984.[14]

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. ^ a b Mutegi, Mugambi (15 August 2017). "Sidian CEO Titus Karanja resigns after 2-year stint". Business Daily Africa. Nairobi. Retrieved 15 August 2017.
  2. ^ a b c Sidian Bank (31 March 2020). "Financial Statements And Other Disclosures For The Period Ended 31-March 2020" (PDF). Nairobi: Sidian Bank Limited. Retrieved 10 July 2020.
  3. ^ Mugambi Mutegi (24 July 2016). "Sidian Head Hunts Chase Staff To Drive SME Unit". Business Daily Africa. Nairobi. Retrieved 10 July 2020.
  4. ^ Central Bank of Kenya (28 February 2020). "Central Bank of Kenya: Directory of Licenced Commercial Banks, Mortgage Finance Institutions and Authorised Non-Operating Holding Companies" (PDF). Nairobi: Central Bank of Kenya. Retrieved 10 July 2020.
  5. ^ Sidian Bank (10 July 2020). "Sidian Bank: Contact Us". Nairobi: Sidian Bank Limited. Retrieved 10 July 2020.
  6. ^ "Location of the Headquarters of Sidian Bank, Kilimani, Nairobi, Kenya" (Map). Google Maps. Retrieved 10 July 2020.
  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. ^ Mugambi Mutegi (27 March 2016). "K-Rep Bank plans name change as it seeks to shed microfinance image". Business Daily Africa. Nairobi. Retrieved 30 August 2018.
  12. ^ Sidian Bank Limited (20 March 2020). "Sidian Bank Limited Annual Report And Financial Statements For The Period Ending 31 December 2019" (PDF). Nairobi: Sidian Bank Limited. Retrieved 10 July 2020.
  13. ^ Patrick Alushula (9 July 2020). "Centum buys out Bethuel Kiplagat shares in Sidian". Business Daily Africa. Nairobi. Retrieved 10 July 2020.
  14. ^ a b David Herbling (14 August 2014). "K-Rep report reveals owners of KSh3.8 billion bank". Business Daily Africa. Nairobi. Retrieved 15 August 2017.

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

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