K-Rep Bank

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K-Rep 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$2.1 million (KES:173 million) (2011)
Total assets US$161 million (KES:13.9 billion) (Q2:2014)
Number of employees
570+ (2009)
Parent Centum Investment Company
Website Homepage

K-Rep Bank is a commercial bank in Kenya, licensed by the Central Bank of Kenya, the national banking regulator.[2]

Overview[edit]

The bank is a medium-sized microfinance bank serving the urban and rural poor and small-to-medium business enterprises in Kenya.[3] 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).[4]

History[edit]

K-Rep was founded in 1984. 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:[5]

  1. K-Rep Group – This is the parent company. It owns, either wholly or partially, the other three subsidiaries.
  2. K-Rep Bank – This is the lending arm of the group. It is the core business of the group. In addition to the group, the bank has shareholders as outlined below.
  3. K-Rep Development Agency – This agency carries out research and developmental assistance work for the group
  4. K-Rep Advisory Services – This company provides consultancy services for a fee.

Ownership[edit]

The bank's stock is owned by the following corporate entities:[6]

K-Rep BankStock Ownership
Rank Name of Owner Percentage Ownership
1 Bakii Holdco Limited1 67.54
2 K-Rep Group 22.00
3 Other Investors 10.46
Total 100.00

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.[7]

Governance[edit]

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[edit]

References[edit]

  1. ^ a b 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. ^ CBK, . "Central Bank of Kenya: Commercial Banks & Mortgage Finance Institutions". Central Bank of Kenya (CBK). Retrieved 31 July 2014. 
  3. ^ Michira, Moses (21 October 2010). "Private Financiers See Potential In SMEs". Business Daily Africa (Nairobi). Retrieved 31 July 2014. 
  4. ^ Juma, Victor (31 July 2014). "Centum Bids for Majority Stake In K-Rep Bank". Business Daily Africa. Retrieved 31 July 2014. 
  5. ^ MCU, . (25 January 2012). "MicroCapital Universe: K-Rep Bank". MicroCapital.Org (MCU). 
  6. ^ "Acquisition Of Shareholding in K-REP Bank Ltd". Centum Investment Company Limited. 31 July 2014. Retrieved 28 December 2014. 
  7. ^ "Announcement on K-REP acquisition" (PDF). Centum Investment Company Limited. 30 September 2014. Retrieved 28 December 2014. 

External links[edit]