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Rebranded Sidian Bank unveils new business units

Sidian Bank CEO Titus Karanja (left) and board chairman James Mworia during the recent unveiling of the bank’s  new name and look at its headquarters in Nairobi. PHOTO | SALATON NJAU
Sidian Bank CEO Titus Karanja (left) and board chairman James Mworia during the recent unveiling of the bank’s new name and look at its headquarters in Nairobi. PHOTO | SALATON NJAU 

Sidian Bank has unveiled enterprise, corporate and institutional banking units, as the recently re-branded financial institution gears towards growing its customer base through delivery of tailor- made services.

The new business units are an addition to the bank’s existing divisions that include Priority Business Centre, Micro Business, Customer and SME Banking.

The units are targeting large and small businesses as the bank (formerly K-Rep) promises to deliver unique solutions to them.

Chief Executive Officer, Titus Karanja, said the bank’s new structure will sharpen its business and product development with offering informed by an understanding of the unique needs that drive the customer’s selection of a financial solution provider.

“We are confident that this move will be a game-changer for our growth strategy, underpinned by our continuing investment in innovative technology and integration of mobile, internet and agency banking systems currently in development,” said Mr Karanja.

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Marianne Nyangi, the newly appointed Director of Business Development, will oversee the operations of the new and existing units.

The new units are part of Sidian’s plan to be a two tier bank by 2019 and of its rebranding as it seeks to drop the image of a microfinance institution.

To support its growth plan the bank received Sh1.2 billion last year from Centum after raising its stake in the lender to 67.54 per cent.

Sidian is set to receive an additional Sh400 million from minority shareholders, an additional capital that will support the lender’s ongoing reorganisation programme which is marked by the refurbishment of its branch network and upgrade of its core banking system.

The bank is also targeting to put in place 3,000 agency outlets in two years’ time to increase convenience and functionality for its 300,000 customers.

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