I&M Bank Limited
 | |
| Company type | Private company |
|---|---|
| Industry | Financial services |
| Founded | 15 May 1974 |
| Headquarters | 1 Park Avenue Nairobi, Kenya |
Key people | S.B.R. Shah (Chairman), Sarit Raja- Shah (Executive Director), Gul Khan (CEO)[1] |
| 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) |
| Total assets | US$3.05 billion (KES:333.98 billion) (2021) |
| Parent | I&M Holdings Limited |
| Website | www |
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
[edit][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
[edit]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.[9]
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
[edit]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,[10][11] was concluded in February 2017, with Giro Commercial Bank surrendering its banking license and becoming part of I&M Bank Kenya.[12]
Branch network
[edit]As of November 2022[update], the bank maintained a network of 40 branches in Kenya, at the following locations. Each branch has an on-site ATM.[13]
- Kenyatta Avenue Branch – I&M Bank Tower, Kenyatta Avenue, Nairobi
- Karen Branch – Karen Office Park, Langata Road, Karen, Nairobi
- 2nd Ngong Avenue Branch – I&M Bank House, 2nd Ngong Avenue, Nairobi
- Sarit Centre Branch – 1st 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, Nairobi
- Panari Sky Centre Branch – Nairobi-Mombasa Road, Nairobi
- One Park Branch – 1 Park Avenue, Ground Floor (Junction of 1st Parklands and Limuru Road)
- Wilson Airport Branch – Pewin House, Wilson Airport, Nairobi
- Ongata Rongai Branch – First Floor, Maasai Mall, Ongata Rongai, Nairobi
- South C Branch – South C Shopping Centre, Nairobi
- Riverside Drive Branch -14 Riverside Drive, Nairobi
- Nyali Complex Branch – Nyali Cinemax, Main Nyali Road, 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, Mombasa
- Kisii Branch – Royal Tower, Hospital Road, Kisii
- Malindi Branch – First Floor, Pine Court Building, Lamu Road, Malindi
- Nyeri Branch – Ground Floor, Nyaatha Plaza, Kimathi Way, Nyeri
- Thika Branch – Ground Floor, 80 West Place, Opposite Tuskys Supermarket, Thika
- Village Market Branch – Village Market Shopping Complex - New Wing, 1st Floor, Limuru Road
- Sarit Centre Select Branch – Sarit Centre New Wing, Lower Ground Floor, Westlands
- Lavington Mall Branch – First Floor, Lavington Mall, off James Gichuru Road, Nairobi
- Kitale Branch – Ground Floor, Mega Centre Mall, 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
- Gateway Mall Branch – Gateway Mall, Mombasa Road, opposite Syokimao Railway Station, Nairobi.
- Garden City Mall Branch – Garden City Mall, Thika Road, Nairobi
- Nanyuki Branch – Ground Floor, Hussein Building, Nanyuki
- Cross Road Branch – Off River Road, Nairobi
- Meru Branch – Ground Floor, P&K Plaza, Moi Avenue, Meru
- Eldama Park Branch – Eldama Park, Nairobi
- Dunga Road Branch – Dunga Road, Industrial Area, Nairobi
- Ridge Court Branch – Ridge Court, Parklands, Nairobi
- Haile Selassie Branch – Patel Samaj Building, Haile Selassie Avenue, Mombasa
- Spring Valley Branch – Ground Floor, Block B, Spring Valley Business Park, Nairobi.
See also
[edit]
References
[edit]- ^ "I&M Bank Limited: The Board of Directors". I&M Bank Limited. Retrieved 7 August 2014.
- ^ CBK (31 December 2013). "Directory of Commercial Banks And Mortgage Finance Companies" (PDF). Central Bank of Kenya (CBK). Retrieved 7 August 2014.
- ^ "I&M moves to top league on takeover of Giro Bank". Business Daily. Retrieved 7 May 2020.
- ^ "I&M Bank – Kenya". imbank.com. Retrieved 16 May 2020.
- ^ "I&M moves to top league on takeover of Giro Bank". Business Daily. Retrieved 7 May 2020.
- ^ "The History of I&M Bank". I&M Bank. Retrieved 7 August 2014.
- ^ "Kenyan Bank Takes Over BCR". The New Times (Kigali). 18 July 2012. Retrieved 7 August 2014.
- ^ Gasore, Ben (12 August 2013). "BCR Rebrands To I&M Bank Rwanda". Kigali: The New Times (Rwanda). Retrieved 7 August 2014.
- ^ Gachiri, John (25 May 2013). "I&M Bank set to debut at the stock". Business Daily Africa. Nairobi. Retrieved 3 February 2018.
- ^ Sengupta, Suprio; Gidoomal, Sanjay (7 September 2015). "I&M Holdings Agrees to Purchase Entire Issued Share Capital of Giro Commercial Bank Limited" (PDF). Nairobi: I&M Bank Group. Retrieved 29 March 2016.
- ^ Mwaniki, Charles (7 September 2015). "I&M Holdings in deal to acquire Giro Bank". Business Daily Africa. Nairobi. Retrieved 29 March 2016.
- ^ Mwita, Weitere (18 February 2017). "I&M takes over Giro Bank after successful acquisition". The Star (Kenya). Nairobi. Retrieved 3 February 2018.
- ^ "The Branch Network of I&M Bank Kenya Limited". Nairobi: I&M Bank Kenya. 3 February 2018. Retrieved 3 February 2018.
External links
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