K-Rep Bank has disclosed that plans are underway to open at least 20 new branches countrywide by 2015. The SME lender which re-branded on Monday 25th says it plans to roll out more branches countrywide to ensure that it takes its services closer to its target clients across the country.

Speaking at the re-branding ceremony, K-Rep Managing Director Albert Ruturi said the bank plans to move its ATM services to use PesaPoint ATMs to 'offer its clientele better services'.

Ruturi said the bank which had expressed intentions to list on the Nairobi Securities Exchange in 2009 has put aside the plans due to 'inadequate capital'. The bank made a loss of KES. 210 million in 2008 which cut short its plans to list on the NSE. Capital Markets regulator Capital Markets Authority requires that a company must make profits for five consecutive years for it to be allowed to list on the NSE.

Ruturi however said the bank would consider listing again if it makes profits for the next three years, but said that there are no definite plans to do so 'in the near future'.

The bank which currently has a 36 branch network countrywide made a profit after tax of KES. 173.37 million shillings in the financial year 2010/2011.