Last week saw the rebranding of K-Rep bank into Sidian Bank. This followed the acquisition of acquiring a majority 66% in K-Rep bank by NSE-listed investment firm, Centum Investments (through Bakki Holdco), for about Kshs 2.3 billion, in November 2014.
As Sidian, the 32-year-old bank will take on a new direction with a focus on entrepreneurs, and with the tagline #OwnTomorrow that’s rolling out at it’s 37 branches.
Managing Director, Titus Karanja, explained that the name Sidian, was inspired by the Obsidian rock, which was one of the first commodities used in barter trade – by the Mayans in middle America.
Centum now has 16 subsidiaries.
$1 = Kshs 90 in November 2014.
Edit August 2024.
In January 2023 a deal by Access Bank to buy Sidian from Centum lapsed and was terminated.
Thereafter, in October 2023, other shareholders exercised preemptive rights and acquired 38.91% of Sidian.
In August 2024, Sidian’s six shareholders are Bakki Holdco (i.e. Centum) with 40.03%, Pioneer General Insurance (24.80%), Wizpro Enterprises (18.27%), Afram (7.91%), Telesec Africa (4.50%) and Pioneer Life Investments with 4.49%.
Centum disclosed that it has realised Kshs 3.2 billion from the partial sale of the bank.
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