Sidian Bank


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.

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.

Overview

The bank is a medium-sized financial services provider, serving the urban and rural poor and small-to-medium business enterprises in Kenya.  , 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.
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. 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:
  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. On 4 April 2016, K-Rep Bank re-branded as Sidian Bank, to reflect the majority shareholding by Centum Investments Limited.

Ownership

As at 31 December 2019, the major shareholders in the bank stock included the following:
RankName of OwnerPercentage Ownership
1Bakii Holdco Limited1
80.19
2K-Rep Group2
12.25
3KWA Multi-Purpose Co-operative Society
3.50
4Centum Investment Company Limited
2.01
5Kimathi Mutua
0.51
6Sarah Godana
0.38
7Kabiru Kinyanjui
0.30
8Mwenda Thiribi
0.25
9Francis Kihiko
0.22
10Aleke Dondo
0.16
11Judith Behemuka
0.12
12Anthony Wainaina
0.09
13Francis 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.

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. Chege Thumbi serves as the managing director.