, NAIROBI, Kenya, Mar 29- K-rep bank has announced rebranding plans starting April this year that will see the bank change its name.
Managing Director Titus Karanja says the bank will change its name from K-rep to Sidian Bank as well as change of its current image designs.
Speaking while releasing the bank’s 2015 results, Karanja says part from the name, the rebranding will see the bank repositions itself in terms of reviewing its target markets, revive products and services.
“We are going to go with a name change and a change of the positioning of the bank and the entire proposition that is offered to customers. You will be seeing this starting from the first week if April and that will entail changing of course the fascia for our physical branches, changing our online presence and what the bank is to the market,” Karanja said.
“We advise that K-rep Bank Limited will change its name to Sidian Bank Limited effective April 4, 2016. They will also rebrand to incorporate new design for their customer cheques and bankers cheques,” said a circular by Kenya Bankers Association (KBA) to banks and its staff last week.
K-rep bank plans to invest at least Sh750 million of which Sh400 million will be used to revamp its information Technology systems while the rest will go to expanding its service channels like mobile banking, agency banking as well as internet banking.
In December 2014, Centum Investment acquired a controlling stake in the institution and injected Sh1.2 billion in October 2015 out of the required Sh1.6 billion. The remaining Sh400 million will be put in by other shareholders.
Centum acquired an additional 66 per cent shareholding in K-Rep Bank Limited from several existing shareholders which brought its total stake in K-REP to 67.54 per cent.
“This injection, together with the institution’s planned investment in Enterprise and Consumer banking are geared to spiral K-rep bank as a leading SME finance partner,” Karanja said.
The bank has recorded a drop in its full year 2015 net profit to 372 million from Sh514 million made in the year 2015. This has been attributed to high investments in reforms that are aimed at change the bank to tier four bank from the current tier two.