Sidian Bank

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.{{cite web| url=https://www.sidianbank.co.ke/contact-us/ |title=Sidian Bank: Contact Us |date=10 July 2020 |publisher=Sidian Bank Limited |

access-date=10 July 2020 |author=Sidian Bank |location=Nairobi}} The coordinates of the bank's headquarters are: 01°17'26.0"S, 36°47'10.0"E (Latitude:-1.290556; Longitude:36.786112).{{google maps| url=https://www.google.com/maps/place/1%C2%B017'26.0%22S+36%C2%B047'10.0%22E/@-1.2950795,36.7602689,13.7z/data=!4m5!3m4!1s0x0:0x0!8m2!3d-1.290556!4d36.786112 |title=Location of the Headquarters of Sidian Bank, Kilimani, Nairobi, Kenya |access-date=10 July 2020}}

The bank is a medium-sized financial services provider, serving the urban and rural poor and small-to-medium business enterprises in Kenya.{{cite web| title=Private Financiers See Potential In SMEs |work=Business Daily Africa |date=21 October 2010 |

url=http://www.businessdailyafrica.com/Private-financiers-see-potential-in-SMEs/-/539552/1036758/-/38ga4wz/-/index.html |

author=Moses Michira |access-date=31 July 2014 |location=Nairobi, Kenya}}  {{asof|December 2022}}, the total assets of the bank were valued at KES:42.605 billion (US$322.832 million), with shareholders equity of KES:5.164 billion (US$39.126 million.{{cite web| work=Sidian Bank Limited | url=https://sidianbank.co.ke/wp-content/uploads/2023/06/Sidian-Bank-Annual-Report-and-Financial-Statements-for-the-year-ended-31-December-2022.pdf/ |title=Financial Statements And Other Disclosures For The Period Ended 31 December 2022 |date=28 March 2023 |author=Sidian Bank |access-date=23 April 2024 |location=Nairobi, Kenya}} The name Sidian is derived from Obsidian, an extrusive igneous rock.{{cite web|

url=http://www.businessdailyafrica.com/Corporate-News/-/539550/3146018/-/g552hoz/-/index.html |title=Sidian Bank's minority investors to provide Sh400m capital |date=4 April 2016 |

work=Business Daily Africa |author=Brian Ngugi |access-date=5 April 2016 |location=Nairobi, Kenya}}

Sidian Bank was founded in 1984 as K-Rep Bank, by Kimanthi Mutua who was then the Managing Director of Kenya Rural Enterprise Program (K-Rep). K-Rep was founded in 1984, by Fred O'Regan under the World Education Inc, with funding from USAID. Its objective then was to develop small-scale businesses in the informal sector.

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 NGOs. The technical assistance that had been provided for free now attracted a fee. Kimanthi Mutua, became the Managing Director in 1989 taking over from Dr. Yoder, who succeeded O'Regan in 1997.

In 1999, K-Rep re-organized itself into four entities:{{cite web|date=25 January 2012 |url=http://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=K-Rep+Bank|title=MicroCapital Universe: K-Rep Bank| last=MCU|publisher=MicroCapital.Org (MCU)}}

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.{{cite web|url=http://www.businessdailyafrica.com/Centum-to-inject-Sh1-2bn-bond-proceeds-into-K-Rep/-/539552/2723706/-/item/0/-/clcile/-/index.html|title=Centum To Inject KSh1.2 Billion Bond Proceeds Into K-Rep Bank|last=Mwaniki|first=Charles|date=20 May 2015|location=Nairobi|accessdate=21 May 2015|newspaper=Business Daily Africa}} On 4 April 2016, K-Rep Bank re-branded as Sidian Bank, to reflect the majority shareholding by Centum Investments Limited.{{cite web|newspaper=Business Daily Africa |date=27 March 2016 |access-date=30 August 2018 |

url=http://www.businessdailyafrica.com/Corporate-News/K-Rep-Bank-plans-name-change/-/539550/3135860/-/wfwp3o/-/index.html|title=K-Rep Bank plans name change as it seeks to shed microfinance image |author=Mugambi Mutegi |location=Nairobi}}

As at 17 May 2025, the shareholders in the bank stock included the following:{{cite web| work=Business Daily Africa | url=https://www.businessdailyafrica.com/bd/corporate/companies/sidian-bank-founders-pocket-sh1.7b-from-36pc-stake-sale--4600100 | title=Sidian Bank founders pocket Sh842m from 16pc stake sale |

date=23 April 2025 |author=Patrick Alushula |access-date=23 April 2025|location=Nairobi, Kenya}}

^{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.{{cite web| date=14 August 2014 | url=http://www.businessdailyafrica.com/corporate/539550-2419408-r8gljhz/index.html |title=K-Rep report reveals owners of KSh3.8 billion bank |work=Business Daily Africa |access-date=15 August 2017 |author=David Herbling |location=Nairobi}} The Group sold their entire stake to a group of Kenyan corporate entities led by Pioneer General Insurance, in October 2023.{{cite web| work=Business Daily Africa |date=12 October 2023 | url=https://www.businessdailyafrica.com/bd/corporate/companies/new-sidian-bank-owners-disclosed-after-centum-sale--4397864 |title=New Sidian Bank owners disclosed after Centum sale |author=Kepha Muiruri |access-date=23 April 2024 |location=Nairobi, Kenya}}}

In March 2019, the Investment Fund for Developing Countries (IFU), a Danish, self-governing, state-owned investment fund, lent Sidian Bank KSh:1,200,000,000 (approx. US$11.2 million). During the next 36 months, IFU has the option to convert some or all of the principal into share capital in the bank. If all the principal is converted into capital, the Fund will acquire 20 percent shareholding in the bank and gain two seats on the expanded seven-person bank board. Each of the other shareholders will be diluted proportionately.{{cite web|title=Danish fund acquires Sh1.2 billion shares in Sidian Bank |newspaper=Business Daily Africa | url=https://www.businessdailyafrica.com/corporate/companies/Dutch-fund-acquires-Sh1-2-billion-shares-in-Sidian-Bank/4003102-5014946-jeqi01z/index.html |date=8 March 2019 |author=Patrick Alushula |access-date=17 August 2020 |place=Nairobi}}

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.

In June 2022, media reports indicated that Centum Investments had signed binding agreements to sale the 83.4 percent that it owned in Sidian Bank to Access Bank Group of Nigeria, for a consideration of KSh4.3 billion (approx. US$37 million). It is expected that after the deal closes, Sidian Bank will be merged with the current Access Bank Kenya, where Access Bank Group maintains 99.98 percent shareholding. The transaction requires regulatory approval in both Kenya and Nigeria.{{cite web| work=Business Daily Africa |date=8 June 2022 | url=https://www.businessdailyafrica.com/bd/corporate/companies/centum-sells-sidian-bank-for-sh4-3bn-to-nigerians-3841744 |

title=Centum sells Sidian Bank for Sh4.3bn to Nigerian lender | author=Otiato Guguyu |access-date=8 June 2022 |location=Nairobi, Kenya}}

In January 2023, the time frame set in the sales agreement between the parties expired before they could reach consensus. The parties decided not to extend the deadline and abandoned the transaction.{{cite web| work=The EastAfrican |date=14 January 2023 | url=https://www.theeastafrican.co.ke/tea/business/centum-cancels-sale-of-sidian-to-access-4086554 |title=Centum cancels sale of Sidian to Access |author=James Anyanzwa |access-date=23 April 2024 |location=Nairobi, Kenya}}

• List of banks in Kenya
• Economy of Kenya

{{reflist|30em}}

• [http://www.sidianbank.co.ke/ Website of Sidian Bank]
• [http://www.businessdailyafrica.com/Corporate-News/Sidian-Bank-staff-layoffs-pointer-to-looming-turmoil/539550-3428588-151f209z/index.html Sidian Bank staff layoffs pointer to looming turmoil] As of 24 October 2016.

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Category:Banks of Kenya

Category:Companies based in Nairobi

Category:Banks established in 1984

Category:1984 establishments in Kenya

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