Centum Investment Company, which is Sidian Bank’s largest stakeholder has approved the raising of additional share capital of Ksh 1.5B.
The capital raised from this rights issue will be used to fund growth initiatives to drive the achievement of the bank’s strategic goal of becoming a Tier 2 bank by 2022.
Centum Investment interests in the sector range from asset management to banking, and microfinance. The company has spread its portfolio to Platinum Credit which is a non-deposit taking microfinance, GenAfrica Asset Managers, wholly-owned Nabo Capital as well as Sidian Bank limited.
Centum investment firm owns Sidian Bank through a non-operating holding company dubbed Bakki Holdco Ltd with a 72.9Pc. K-rep is 2nd group shareholder at Sidian bank with its stake at 17.1% while KWA Multi-purpose Co-operative society is the least holding shareholding group at Sidian Bank with its stake at 4.9Pc.
Back in 2016, Centum Investment acquired an additional 8.1 per cent stake in Sidian Bank which saw its stake rise from 65.88% to 74%.
The lender loaned out Ksh 961 million between 30th June 2016 to 30th June 2017 to customers and closed its balance sheet at 19B as at 30th June 2017.
Sidian Bank, like other banking peers has also revised its interest on Loans to 13.5% & interest on savings to 6.65%, these changes will take effect as from 19th April 2018. This move comes after the CBK reduced its rate to 9.5%.