I&M Bank Group

I&M Bank Group
Type Private
Industry Banking, Insurance, Hospitality
Founded 1974
Headquarters I&M Bank Tower, Kenyatta Avenue, Nairobi, Kenya
Key people Sarit Shah Group Executive Director
Products Banks, mortgages investments, insurance, restaurants
Revenue Aftertax US$30.5 million (KES:2.44 billion) (2010)
Total assets US$1.09 billion (KES:86.9 billion) (2010)
Website Homepage

I&M Bank Group, is a conglomerate comprising financial services providers (banks and insurance companies) and a chain of hospitality companies.

Contents

Location

The Group's headquarters are located in Nairobi, Kenya, with subsidiaries in Kenya, Mauritius and Tanzania. The flagship company of the group is I&M Bank Limited, with headquarters in the I&M Bank Tower on Kenyatta Avenue in the central business district of Nairobi, Kenya's capital and largest city.

Overview

I&M Bank Group is a large conglomerate and is a major player in the financial services industry in Eastern Africa, particularly in Kenya where the group maintains its headquarters. As of December 2010, the Group's total assets were in excess of US$1.09 billion (KES:86.9 billion), with shareholder's equity of approximately US$167 million (KES:13.4 billion).[1] In 2010, the Group acquired a controlling interest in CF Union Bank of Tanzania, whose assets were estimated at about US$61 million in December 2009. In September 2010, CF Union Bank Tanzania rebranded to I&M Bank (Tanzania).[2] The Group is reported to have intentions to expand throughout East Africa through acquisitions.[3]

Member companies

The companies that comprise the I&M Bank Group include, but are not limited, to the following: [4]

  1. I&M Bank Limited - Nairobi, Kenya: The flagship company of the Group. A commercial bank in Kenya, serving individuals and businesses, focusing mainly on large corporations. The German Investment Corporation, DEG and PROPARCO, the French Development Agency jointly own 21.7% of I&M Bank.Shareholding in I&M Bank Limited</ref> As of September 2010, total bank assets are is excess of US$586 million.
  2. Bank One Mauritius - Port Louis, Mauritius: The Group owns 50% of Bank One Mauritius. The other 50% is owned by CIEL Investments Limited. As of December 2009, total bank assets were approximately US$355 million.[5]
  3. I&M Bank (Tanzania) - Dar-es-Salaam, Tanzania: I&M Bank Group Acquired Majority Shareholding in 2010. Other investors in I&M Bank (Tanzania) include: (a) PROPARCO of France, (b) Kibo Fund, a private equity fund based in Mauritius and (c) Michael Shirima, a Tanzanian businessman.[6] Total Bank Assets as of December 2009 estimated at approximately US$61 million.[7]
  4. GA Insurance - Nairobi, Kenya: Incorporated as General Accident Insurance of Kenya in 1979, the company was acquired by the I&M Bank Group in 2005. Since its acquisition, the company has rebranded as GA Insurance Limited. The company provides various types of insurance cover, including health care coverage.[8]
  5. The Tamarind Group - Nairobi, Kenya: A chain of about twelve (12) upscale restaurants and leisure establishments in and around the cities of Nairobi and Mombasa in Kenya. Establishments include:

The Group offers franchise opportunities to outside investors.[9]

External links

See also

References

  1. ^ 2010 Audited Group Financial Statement
  2. ^ CF Union Bank Becomes I&M Bank
  3. ^ I&M Bank Group Plans East African Expansion Via Acquisitions
  4. ^ Member Companies of the I&M Bank Group
  5. ^ Bank One Mauritius Financial Statements December 2009
  6. ^ Shareholding In CF Union Bank
  7. ^ CFUB Total Asset Estimates 2009
  8. ^ About GA Insurance Limited
  9. ^ Franchising Opportunities With Tamarind Group