The bank is a medium-sized financial services provider, serving the urban and rural poor and small-to-medium business enterprises in Kenya. As of March 2020, the total assets of the bank were valued at KES:27.465 billion (US$259.3 million, with 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 (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:
- K-Rep Group – This is the parent company. It owns, either wholly or partially, the other three subsidiaries.
- K-Rep Development Agency – This agency carries out research and developmental assistance work for the group
- 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.
