I&M Bank Limited
|Headquarters||I&M Bank Tower
Sarit Raja- Shah
Chief Executive Officer
|Products||Loans, retail accounts, credit cards, debit cards, savings, prepaid cards, trade finance, mortgages|
|Revenue||Aftertax: US$49.2 million (KES:4.19+ billion) (2013)|
|Total assets||US$1.29+ billion (KES:110.3 billion) (2013)|
As of December 2013[update], the bank's total assets were valued in excess of US$1.29 billion (KES:110.3 billion), with shareholders' equity of approximately US$240.8 million (KES:20.5+ billion). At that time, the bank was ranked 10th, by assets, out of the 43 licensed banks in the country. I&M Bank serves the banking needs of large and small business customers as well as individuals, with emphasis on large and medium-sized corporations.
The bank traces its history to 1974 when Investments & Mortgages Limited was formed as a private company providing personalised financial services to business people in the Nairobi area. In 1980, I&M, as the company was known at that time, was registered as a Financial Institution under the Banking Act. Following changes in the regulations of the Central Bank of Kenya, the banking regulator in the country, I&M became a commercial bank in 1996.
In 2002, the present headquarters building, a 16-storey glass and steel skyscraper known as the I&M Bank Tower, was opened on Kenyatta Avenue, in Nairobi's central business district. The following year, I&M Bank acquired Biashara Bank of Kenya Limited, expanding I&M's branch network, client base and assets under management.
In 2007 DEG and PROPARCO, two International development financial institutions, invested approximately US$4.5 million to acquire 11.96 percent shareholding in I&M Bank. That shareholding was later increased to 19.7 percent. In 2008, I&M Bank acquired a 50 percent ownership in First City Bank Limited (FCB) of Mauritius. FCB has since rebranded itself as Bank One Mauritius. In 2010, I&M Bank acquired a controlling shareholding in CF Union Bank of Tanzania. CF Union Bank has since rebranded into I&M Bank (Tanzania). In July 2012, I&M Bank Group took a controlling interest in Commercial Bank of Rwanda (BCR), the second-largest commercial bank in the country at the time, for an undisclosed sum of money. In August 2013, BCR rebranded to I&M Bank Rwanda.
I&M Bank Group
I&M Bank Limited is a member of the I&M Bank Group, a financial services provider in Eastern Africa, with an asset base in excess of US$1.635 billion (KES:141.36 billion), as of December 2013. The Group is a conglomerate of businesses, primarily in the financial services sector, with subsidiaries in the Eastern African countries of Kenya, Mauritius, Rwanda and Tanzania. Shares of the Group are listed on the Nairobi Stock Exchange, where they trade under the name I&M Holdings Limited, using the symbol IMHL. The companies that compose the Group include the following:
- I&M Bank Limited – Nairobi, Kenya
- GA Insurance Limited – Nairobi, Kenya
- Bank One Mauritius – Port Louis, Mauritius (50% shareholding)
- I&M Bank (Tanzania) – Dar-es-Salaam, Tanzania (55% shareholding)
- I&M Bank (Rwanda) – Kigali, Rwanda (55% shareholding)
- I&M Bank (Uganda) - Kampala, Uganda (In development)
- Kenyatta Avenue Branch - I&M Bank Tower, Kenyatta Avenue, Nairobi
- Karen Branch - Karen Office Park, Langata Road, Nairobi
- 2nd Ngong Branch - I&M Bank House, 2nd Ngong Avenue, Nairobi
- Sarit Centre Branch - First Floor, Sarit Centre, Westlands, Nairobi
- Biashara Street Branch - Ansh Plaza, Biashara Street, Nairobi
- Industrial Area Branch - KCC Building, Changamwe Road, Nairobi
- Langata Link Branch - Langata Link Complex, Langata South Road, Nairobi
- Valley Arcade Branch - Kenol Kobil Station, Gitanga Road, Lavington, Nairobi
- Panari Sky Centre Branch - Panari Sky Centre, Mombasa Road, Nairobi
- Parklands Branch - Centre Point, Parklands Road, Parklands, Nairobi
- Wilson Airport Branch - Pewin House, Wilson Airport, Nairobi
- Ongata Rongai Branch - First Floor, Maasai Mall, Ongata Rongai
- South C Branch - South C Shopping Centre, South C, Nairobi
- Riverside Drive Branch - 14 Riverside Drive, Nairobi
- Nyali Branch - Nyali Cinemax, Main Nyali Road, Nyali, Mombasa
- Mombasa Branch - Biashara Building, Nyerere Road, Mombasa
- Kisumu Branch - Bon Accord House, Oginga Odinga Street, Kisumu
- Nakuru Branch - Polo Centre, Kenyatta Avenue, Nakuru
- Eldoret Branch - Ground Floor, Zion Mall, Uganda Road, Eldoret
- Changamwe Branch - First Floor, Refinery Building, Refinery Road, Changamwe, Mombasa
- Kisii Branch - Royal Tower, Hospital Road, Kisii
- Malindi Branch - First Floor, Pine Court Building, Lamu Road, Malindi
- Nyeri Branch - Ground Floor, Hopewell Place, Gakere Road, Nyeri
- Thika Branch - Ground Floor, 80 West Place, Thika
- Gigiri Branch - Ground Floor, Gigiri Square, United Nations Avenue, Nairobi
- Mtwapa Branch - Ground Floor, Mtwapa Mall, Mombasa Malindi Road, Mtwapa.
- Lavington Mall Branch - Lavington Mall, 1st Floor, off James Gichuru road, Nairobi
- Kitale Branch - Mega Centre Mall, Ground Floor, Kitale
- Lunga Lunga Branch - First Floor, Lunga Lunga Mall, Lunga Lunga Road, Industrial Area, Nairobi
- Yaya Centre Branch - Fourth Floor, Yaya Centre, Argwings Kodhek Road Nairobi
The Chairman of the Board of Directors of I&M Bank Limited is S.B.R.Shah, one of the non-Executive Directors. Sarit Shah is the Executive Director, and Arun Mathur is the Chief Executive Officer of the bank.
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