K-Rep Bank
| Private | |
| Industry | Financial Services |
| Founded | 1984 |
| Headquarters | Nairobi, Kenya |
Key people |
Kenny Nwosu Chairman Albert Ruturi Managing Director |
| Products | Loans, Checking, Savings, Investments, Debit Cards |
| Revenue |
 Aftertax: US$2.1 million (KES:173 million) (2011) |
| Total assets | US$161 million (KES:13.9 billion) (Q2:2014) |
Number of employees | 570+ (2009) |
| Parent | Centum Investment Company |
| Website | Homepage |
K-Rep Bank is a commercial bank in Kenya, licensed by the Central Bank of Kenya, the national banking regulator.[1]
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.[2] As of June 2014, the total asset valuation of K-Rep Bank was approximately US$161 million (KES:13.9 billion), with shareholders' equity of approximately US$44 million (KES:3.79 billion).[3]
History
K-Rep was founded in 1984. In the beginning, the organization 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:[4]
- K-Rep Group – This is the parent company. It owns, either wholly or partially, the other three subsidiaries.
- 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 shareholders as outlined below.
- K-Rep Development Agency – This company carries out research and developmental assistance work for the Group
- 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:[5]
| Rank | Name of Owner | Percentage Ownership |
|---|---|---|
| 1 | Bakii Holdco Limited1 | 67.54 |
| 2 | K-Rep Group | 22.00 |
| 3 | Other Investors | 10.46 |
| Total | 100.00 | |
1 - Bakii Holdco Limited is a Non-Operating Holding Company and a wholly owned subsidiary of Centum Investment Company. This is in accordance with the CBK Banking Act and Prudential Guidelines.[6]
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.[7]
See also
- List of banks in Kenya
- Central Bank of Kenya
- Economy of Kenya
- Centum Investment Company
References
- ↑ CBK, . "Central Bank of Kenya: Commercial Banks & Mortgage Finance Institutions". Central Bank of Kenya (CBK). Retrieved 31 July 2014.
- ↑ Michira, Moses (21 October 2010). "Private Financiers See Potential In SMEs". Business Daily Africa (Nairobi). Retrieved 31 July 2014.
- ↑ Juma, Victor (31 July 2014). "Centum Bids for Majority Stake In K-Rep Bank". Business Daily Africa. Retrieved 31 July 2014.
- ↑ MCU, . (25 January 2012). "MicroCapital Universe: K-Rep Bank". MicroCapital.Org (MCU).
- ↑ "Acquisition Of Shareholding in K-REP Bank Ltd". Centum Investment Company Limited. 31 July 2014. Retrieved 28 December 2014.
- ↑ "Announcement on K-REP acquisition". Centum Investment Company Limited. 30 September 2014. Retrieved 28 December 2014.
- ↑ KRB, . "The Board of Directors of K-Rep Bank Limited". K-Rep Bank (KRB). Retrieved 31 July 2014.
