| Type | Private |
|---|---|
| Industry | Banking |
| Founded | 1974 |
| Headquarters | I&M Bank Tower Nairobi, Kenya |
| Key people | S.B.R.Shah Chairman Sarit S. Raja Shah Executive Director Arun Mathur Chief Executive Officer |
| Products | Loans, credit cards, savings, investments, mortgages |
| Revenue | Aftertax: US$26.5 million (KES:2.12 billion) (2010) |
| Total assets | US$782 million (KES:62.6 billion) (2010)[1] |
| Website | Homepage |
I&M Bank Limited, whose complete name is Investment and Mortgage Bank Limited, and is commonly known as I&M Bank, is a commercial bank in Kenya. It is one of the commercial banks licensed by the Central Bank of Kenya, the national banking regulator.[2]
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The bank is a large financial services institution in Kenya, with an estimated asset base in excess of US$782 million (KES:62.6 billion), with shareholders' equity of approximately US$162.2 million (KES:13 billion), as of December 2010.[3] I&M Bank serves the banking needs of large and small business customers as well as individuals, with emphasis on large corporations. The bank is partly owned by PROPARCO, the French Development Agency and DEG, the German Investment & Development Company. Both those institutions jointly own 21.7% of I&M Bank Limited.[4]
The bank traces its history to 1974 when Investments & Mortgages Limited was formed as a private company providing personalized 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 leading International development financial institutions, invested approximately US$4.5 million to acquire 11.96% shareholding in I&M Bank. That shareholding was later increased to 21.7% by the investment of another US$17 million.
In 2008, I&M Bank acquired a 50% ownership in First City Bank Limited (FCB) of Mauritius. FCB has since rebranded itself as Bank One Limited. In 2010, I&M Bank acquired a controlling shareholding in CF Union Bank of Tanzania.[5] CF Union Bank has since rebranded into I&M Bank (Tanzania). The owners of I&M Bank have declared their intentions to continue their expansion throughout the region.[6]
I&M Bank Limited is a member of the I&M Bank Group of companies. The Group is a conglomerate of businesses, primarily in the financial services sector, with subsidiaries in the Eastern African countries of Kenya, Mauritius and Tanzania. The companies that comprise of the Group include:[7]
The I&M Bank Group is a leading financial services provider in Eastern Africa, with an asset base estimated at over US$1.09 billion (KES:86.9 billion), as of December 2010.[9] The group has operations in Kenya, Mauritius and Tanzania.
As of May 2011[update], the bank maintains a network of eighteen (18) branches at the following locations:[10]
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[12] and Arun Mathur is the Chief Executive Officer of the bank.[13] assisted by the CEO's office (Sarvesh Shah)