Sidian Bank, Formerly K-Rep Bank, Is A Commercial Bank In Kenya Licensed By The Central Bank Of Kenya, The National Banking Regulator Of Kenya.
Location
The Headquarters Of Sidian Bank Is Located In The K-Rep Centre On Wood Avenue, Kilimani, The Capital And Largest City Of Kenya. The Coordinates Of The Bank's Headquarters Are: 01 ° 17 '26.0 "S, 36 ° 47' 10.0" E (latitude: -1.290556; Longitude: 36.786112).
Overview
The Bank Is A Medium-sized Financial Services Provider Serving The Rural And Urban Poor And Small And Medium-sized Enterprises In Kenya. As Of December 2022, The Bank's Total Asset Value Is 42.605 Billion Kenyan Shillings ($322.832 Million) And Shareholders' Equity Is 5.164 Billion Kenyan Shillings ($39.126 Million). The Name Sidian Derives From Obsidian, A Type Of Extruded Igneous Rock.
History
Sidian Bank Was Founded In 1984 As K-Rep Bank By Kimanthi Mutua, Then Managing Director Of The Kenya Rural Enterprise Program (K-Rep). K-Rep Was Founded By Fred O'Regan In 1984 Under World Education Corporation And Funded By USAID. At The Time, Its Goal Was To Develop Small-scale Enterprises In The Informal Sector. Initially, The Organization Provided Grants And Technical Assistance To Non-governmental Organizations (NGOs). Then, Non-governmental Organizations Provided Loans To Micro-enterprises. In 1989, K-Rep Changed Its Strategy Of Providing Loans To Non-governmental Organizations. Technical Assistance Previously Provided Free Of Charge Now Requires Payment. Kimanthi Mutua Succeeded Dr. Yoder As Managing Director In 1989, And Dr. Yoder Succeeded O'Regan In 1997.
In 1999, K-Rep Reorganized Itself Into Four Entities:
- K-Rep Group - This Is The Parent Company. The Company Owns All Or Part Of Three Other Subsidiaries.
- K-Rep Development Agency - The Agency Carries Out Research And Development Assistance Work For The Group
- K-Rep Consultancy Services - The Company Provides Consultancy Services For A Fee.
In 2015, Centum Investment Company Completed The Acquisition Of A Majority Stake In The Bank. On April 4, 2016, K-Rep Bank Was Renamed Sidian Bank To Reflect The Majority Stake In Centum Investments Limited
In March 2019, The Danish Autonomous State Investment Fund (IFU) Borrowed 1,200,000,000 Kenyan Shillings (approximately US $11.20 Million) From Sidian Bank. Over The Next 36 Months, The IFU Has The Option To Convert Some Or All Of The Principal Into Equity In The Bank. If All The Principal Is Converted Into Capital, The Fund Will Receive A 20% Stake In The Bank And Two Seats On The Expanded Seven-person Bank Board. Each Other Shareholder Will Be Diluted Proportionally.
Governance
The Chairperson Of The Seven-person Board Is James Mworia, One Of The Non-executive Directors. Chege Thumbi Serves As Managing Director.
Sold To Access Bank Group
In June 2022, Media Reported That Centum Investments Had Signed A Binding Agreement To Sell Its 83.4% Stake In Sidian Bank To Access Bank Group Of Nigeria For 4.30 Billion Kenyan Shillings (~ $37 Million). Upon Completion Of The Transaction, Sidian Bank Is Expected To Merge With The Current Access Bank Kenya, In Which Access Bank Group Holds A 99.98% Stake. The Transaction Is Subject To Regulatory Approvals In Kenya And Nigeria.
In January 2023, The Time Limit Set In The Sales Agreement Between The Parties Expired Before A Consensus Was Reached. The Parties Decided Not To Extend The Deadline And Abandoned The Deal.
