I&M Bank Limited Explained

I&M Bank Kenya Limited (investments and mortgages bank kenya limited)
Type:Private company
Location:1 Park Avenue
Nairobi, Kenya
Key People:S.B.R. Shah (Chairman), Sarit Raja- Shah (Executive Director), Gul Khan (CEO)[1]
Industry:Financial services
Products:Loans, transaction accounts, credit cards, debit cards, savings, prepaid cards, trade finance, mortgages
Revenue:US$311 million (KES:34.15 billion) (Financial Year 2021)
Assets:US$3.05 billion (KES:333.98 billion) (2021)
Parent:I&M Holdings Limited

I&M Bank Kenya Limited , is a commercial bank in Kenya, the largest economy in the East African Community. It is licensed by the Central Bank of Kenya, the central bank and national banking regulator.[2]

Overview

[3] As of September 2019, the bank's total assets were valued in excess of US$2.52 billion (KES: 261 billion), with shareholders' equity of approximately US$424 million (KES: 44 Billion). As of September 2019, the bank was ranked 8th, by total assets, out of the 40 licensed banks in the country, at that time. I&M Bank serves the banking needs of large and small business customers with emphasis on large and medium-sized corporations as well as individuals with emphasis on premium customers[4] I&M also moved to Tier I after takeover of Giro Bank.[5] A simple Edit in 21 October 2024.

History

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, 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).[6]

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.[7]

In August 2013, BCR rebranded to I&M Bank Rwanda.[8]

In 2013, I&M Bank created I&M Holdings Limited, as the holding company of all the group's businesses and subsidiaries. The holding company's shares of stock are listed and publicly traded on the Nairobi Securities Exchange, under the symbol I&M.<ref>Web site: 3 February 2018 . I&M Bank set to debut at the stock . 25 May 2013 . John . Gachiri . Nairobi . Business Daily Africa.

In 2020, 1 Park Avenue was opened as I&M Banks's new headquarter. The building is located at the Junction of 1st Parklands Avenue and Limuru Road in Nairobi.

Acquisition

In September 2015, I&M Holdings began the process of acquiring Giro Commercial Bank and the merging of its business with that of I&M Bank Limited. The process, which required regulatory approval,[9] [10] was concluded in February 2017, with Giro Commercial Bank surrendering its banking license and becoming part of I&M Bank Kenya.[11]

Branch network

, the bank maintained a network of 40 branches in Kenya, at the following locations. Each branch has an on-site ATM.[12]

  1. Kenyatta Avenue Branch – I&M Bank Tower, Kenyatta Avenue, Nairobi
  2. Karen Branch – Karen Office Park, Langata Road, Karen, Nairobi
  3. 2nd Ngong Avenue Branch – I&M Bank House, 2nd Ngong Avenue, Nairobi
  4. Sarit Centre Branch – 1st Floor, Sarit Centre, Westlands, Nairobi
  5. Biashara Street Branch – Ansh Plaza, Biashara Street, Nairobi
  6. Industrial Area Branch – KCC Building, Changamwe Road, Nairobi
  7. Langata Link Branch – Langata Link Complex, Langata South Road, Nairobi
  8. Valley Arcade Branch – Kenol Kobil Station, Gitanga Road, Nairobi
  9. Panari Sky Centre Branch – Nairobi-Mombasa Road, Nairobi
  10. One Park Branch – 1 Park Avenue, Ground Floor (Junction of 1st Parklands and Limuru Road)
  11. Wilson Airport Branch – Pewin House, Wilson Airport, Nairobi
  12. Ongata Rongai Branch – First Floor, Maasai Mall, Ongata Rongai, Nairobi
  13. South C Branch – South C Shopping Centre, Nairobi
  14. Riverside Drive Branch -14 Riverside Drive, Nairobi
  15. Nyali Complex Branch – Nyali Cinemax, Main Nyali Road, Mombasa
  16. Mombasa Branch – Biashara Building, Nyerere Road, Mombasa
  17. Kisumu Branch – Bon Accord House, Oginga Odinga Street, Kisumu
  18. Nakuru Branch – Polo Centre, Kenyatta Avenue, Nakuru
  19. Eldoret Branch – Ground Floor, Zion Mall, Uganda Road, Eldoret
  20. Changamwe Branch – First Floor, Refinery Building, Refinery Road, Mombasa
  21. Kisii Branch – Royal Tower, Hospital Road, Kisii
    1. Malindi Branch – First Floor, Pine Court Building, Lamu Road, Malindi Nyeri Branch – Ground Floor, Nyaatha Plaza, Kimathi Way, Nyeri
  22. Thika Branch – Ground Floor, 80 West Place, Opposite Tuskys Supermarket, Thika
  23. Village Market Branch – Village Market Shopping Complex - New Wing, 1st Floor, Limuru Road
  24. Sarit Centre Select Branch – Sarit Centre New Wing, Lower Ground Floor, Westlands
  25. Lavington Mall Branch – First Floor, Lavington Mall, off James Gichuru Road, Nairobi
  26. Kitale Branch – Ground Floor, Mega Centre Mall, Kitale
  27. Lunga Lunga Branch – First Floor, Lunga Lunga Mall, Lunga Lunga Road, Industrial Area, Nairobi
  28. Yaya Centre Branch – Fourth Floor, Yaya Centre, Argwings Kodhek Road, Nairobi
  29. Gateway Mall Branch – Gateway Mall, Mombasa Road, opposite Syokimao Railway Station, Nairobi.
  30. Garden City Mall Branch – Garden City Mall, Thika Road, Nairobi
  31. Nanyuki Branch – Ground Floor, Hussein Building, Nanyuki
  32. Cross Road Branch – Off River Road, Nairobi
  33. Meru Branch – Ground Floor, P&K Plaza, Moi Avenue, Meru
  34. Eldama Park Branch – Eldama Park, Nairobi
  35. Dunga Road Branch – Dunga Road, Industrial Area, Nairobi
  36. Ridge Court Branch – Ridge Court, Parklands, Nairobi
  37. Haile Selassie Branch – Patel Samaj Building, Haile Selassie Avenue, Mombasa
  38. Spring Valley Branch – Ground Floor, Block B, Spring Valley Business Park, Nairobi.

See also

External links

Notes and References

  1. Web site: I&M Bank Limited: The Board of Directors. I&M Bank Limited. 7 August 2014.
  2. Web site: CBK . Directory of Commercial Banks And Mortgage Finance Companies . 7 August 2014 . Central Bank of Kenya (CBK) . 31 December 2013.
  3. Web site: I&M moves to top league on takeover of Giro Bank. Business Daily. 2020-05-07.
  4. Web site: I&M Bank – Kenya. imbank.com. 2020-05-16.
  5. Web site: I&M moves to top league on takeover of Giro Bank. Business Daily. 2020-05-07.
  6. Web site: The History of I&M Bank. 7 August 2014. I&M Bank.
  7. Web site: Kenyan Bank Takes Over BCR. 18 July 2012. 7 August 2014. The New Times (Kigali).
  8. Web site: BCR Rebrands To I&M Bank Rwanda. Ben. Gasore. 12 August 2013. 7 August 2014. . Kigali.
  9. Web site: 29 March 2016 . 7 September 2015 . I&M Holdings Agrees to Purchase Entire Issued Share Capital of Giro Commercial Bank Limited. Nairobi. I&M Bank Group. Suprio. Sengupta. Sanjay. Gidoomal.
  10. Web site: I&M Holdings in deal to acquire Giro Bank . 29 March 2016. 7 September 2015 . Charles . Mwaniki . Nairobi . Business Daily Africa.
  11. Web site: I&M takes over Giro Bank after successful acquisition . Nairobi . 3 February 2018 . 18 February 2017 . Weitere . Mwita. The Star (Kenya).
  12. Web site: 3 February 2018 . The Branch Network of I&M Bank Kenya Limited . 3 February 2018 . I&M Bank Kenya . Nairobi.

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