K-Rep bank is now Sidian Bank – the Ksh 500 Million transformation will enable the financial institution to provide robust financial products and services that will drive the growth into a tier II lender by 2019.
Before the rebranding is after Centum investment firm successfully acquired a controlling stake it, raising its shareholding from 7.54 per cent to 67.54 per cent.
James Mworia, Centum investment chief executive officer and the bank’s chair, says,” Sidian is a bank for entrepreneurs by entrepreneurs.”
The bank’s Managing Director, Mr. Titus Karanja, on the other hand says the name is inspired by the Obsidian rock, which is formed from volcanoes and they are ready to deliver.
“With our rebranding now on course and enhanced capital, Sidian Bank is strongly positioned to deliver,” said Karanja during the launch at Kilimani.
The 32-year old bank whose new tagline is “Own Tomorrow” will targets the microfinance sector but also provides a wide range of banking service in living up to its mission of empowering entrepreneurs to create wealth through provision of transformational financial solutions.
“Our revamped bank has a unique business model as we are not only championing a bank for entrepreneurs but also an institution that is managed by entrepreneurs,” said the Managing Director.
The rebranding is after K-Rep Bank’s net profits for year ending 2015 dropped by 27.6 per cent to Sh372 million from Sh514 million in 2014 due to higher loan loss provision and high cost of funds in the final quarter of last year. Its loan loss provision went up to Sh1.6 billion.
Sidian Bank then known as K-rep, started off as a project in 1984 that supported the development of small and micro enterprises through NGO managed programs. In 1999, it was transformed into a bank and has since grown and currently has 37 branches spread across the country.
The bank projects to spend Ksh 1Billion in the next three years to enhance its investment plan.
Article by David Indeje.