| Type | Private |
|---|---|
| Industry | Financial Services |
| Founded | 2002 |
| Headquarters | Dar es Salaam, Tanzania |
| Key people | Sanit Raja Shah, Chairman |
| Products | Loans, Savings, Checking, Investments, Debit Cards, Credit Cards, Mortgages |
| Total assets | US$61 million (2008) |
| Employees | 57 (2010) |
I&M Bank (Tanzania) is a commercial bank in Tanzania. As of September 2010[update], the bank is a small banking institution, providing banking services to individuals and businesses, with emphasis on serving medium to large corporate clients. The bank's total assets were estimated at approximately US$61 million, at the end of 2009.[1]
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The bank started operations in Tanzania in 2002 as CF Union Bank, with headquarters in Dar-es-Salaam. By 2010 it operated two branches in Dar-es-Salaam and a third branch in Arusha. In January that year, the shareholders of CF Union Bank sold the bank to a consortium headed by I&M Bank Group. Other investors in the consortium included PROPARCO, the French Development Agency, Kibo Fund, a private equity firm based in Mauritius and Michael Shirima, a Tanzanian businessman with major shareholding in Precision Air.[2] In September 2010, the bank changed its name from CF Union Bank to I&M Bank (Tanzania), to reflect the new ownership.[3]
I&M Bank (Tanzania) is owned by institutions and private individuals as detailed in the table below:[4]
| I&M Bank (Tanzania) Stock Ownership | ||||||||||||||||||
I&M Bank GroupI&M Bank (Tanzania) is a member of the I&M Bank Group of companies. The Group is a leading financial services provider in East Africa, with an asset base estimated at over US$709 million, as of December 2009. The group has operations in Kenya, Mauritius and Tanzania. The member companies of the Group include: [5]
Branch NetworkAs of September 2010, I&M Bank (Tanzania) maintains three networked branches at the following locations:
External linksSee alsoReferences |