The Managing Director, K-repbank, Titus Karanja announced yesterday during a briefing with its investors that its going to be renamed as Sidian Bank starting from April this year. The bank which presented bad results down to 28% loss to its investors said its rebranding the bank to upgrade to a tier 2 lender from tier 4.
Following acquisition of more than 50 percent of its share stake by Centum Investments,there are going to be experienced a lot of changes which will affect its customers positively. There will be introduction of tech innovations in internet banking and mobile banking.There will be less in physical branch expansion though.
Talking about the 28 percent loss,the lender's managing director attributed this to increased non-performing loans and upgrading costs. IT installation and integration only consumed over ksh150 million.Never to scare away investors, the lender seemed not shaken by the loss at all but talked of success in the coming years.
K-repbank is now Sidian Bank come April.