K-Rep Bank

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K-Rep Bank
Type Private
Industry Financial Services
Founded 1984
Headquarters Nairobi, Kenya
Key people Bethuel Kiplagat
Chairman
Albert Ruturi
managing director
Products Loans, Checking, Savings, Investments, Debit Cards
Revenue Increase Aftertax: US$2.1 million (KES:173 million) (2011)[1]
Total assets US$113 million (KES:9.3 billion) (2011)
Employees 570+ (2009)[2]
Website Homepage

K-Rep Bank is a commercial bank in Kenya. It is one of the commercial banks licensed by the Central Bank of Kenya, the national banking regulator. commercial banks in the country.[3]

Overview

The bank is a medium-sized microfinance bank serving the urban and rural poor in Kenya, as well as financing their small-to-medium business enterprises.[4] As of December 2011, the total asset valuation of K-Rep Bank was approximately US$113 million (KES:9.3 billion), with shareholders' equity of approximately US$15.75 million (KES:1.3 billion).[5]

History

K-Rep was founded in 1984. In the beginning, the organisation provided grants and technical assistance to NGOs. The NGOs then made loans to micro-enterprises. In 1989, K-Rep changed its strategy from making grants to NGOs to lending to the NGOs. The technical assistance that had been hitherto provided for free, now attracted a fee. In 1999, K-Rep re-organized itself into four entities:[6]

  1. K-Rep Group – This is the parent company. It owns, either wholly or partially, the other three subsidiaries.
  2. K-Rep Bank – This is the lending arm of the Group. It is the core business of the Group. In addition to K-Rep Group, the bank has several International strategic shareholders as outlined below.
  3. K-Rep Development Agency – This company carries out research and developmental assistance work for the Group
  4. K-Rep Advisory Services – This is a consulting company, which provides consultancy services for a fee.

Ownership

The bank's stock is owned by the following corporate entities: [7]

Centenary Bank Stock Ownership
Rank Name of OwnerPercentage Ownership
1International Finance Corporation (IFC)15.2
2African Development Bank (AfDB)
3Netherlands Development Finance Company (FMO)
4Triodos Bank
5ShoreCap International
6K-Rep Employee Stock Ownership Program (ESOP)
7K-Rep Group
8Centum Investment Company (ICDC)
Total100.00

Governance

The Chairman of the seven-person board of directors is Kenny Nwosu, one of the non-Executive Directors. Albert Ruturi serves as the managing director.[8]

See also

External links

References

  1. ↑ Audited December 2011 Financial Statement
  2. ↑ December 2009 Financial and Performance Data
  3. ↑ List of Licensed Commercial Banks In Kenya
  4. ↑ K-Rep Bank Is One Of Several Kenyan Banks Focusing On SMEs
  5. ↑ December 2011 Financial Data
  6. ↑ History of The K-Rep Group
  7. ↑ Shareholders In K-Rep Bank
  8. ↑ Key People At K-Rep Bank
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