Industry Financial Services Founded 2002 Type of business Private | Number of employees 100 | |
Key people Sarit Raja ShahChairmanBaseer Mohammed'Chief Executive Officer Products Loans, Savings, Checking, Investments, Mortgages Revenue Pretax:US$2.26 million (TZS:3.81 billion) (2013) Total assets 175.5 million USD (TZS:296.6 billion, 2013) | ||
I&M Bank Tanzania Limited is a commercial bank in Tanzania, the second-largest economy in the East African Community. It is licensed by the Bank of Tanzania, the central bank and national banking regulator.
Contents
Overview
As of December 2013, the bank was a mid-sized financial institution, providing banking services to individuals and businesses, with emphasis on serving medium to large corporate clients. At that time, the bank's total assets were valued at approximately US$175.5 million (TZS:296.6 billion), with shareholders' equity estimated at US$17.4 million (TZS:29.4 billion).
History
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 who is the largest shareholder in Precision Air. In September 2010, the bank changed its name from CF Union Bank to I&M Bank (Tanzania) Limited, to reflect the new ownership.
Ownership
I&M Bank Tanzania Limited is owned by institutions and one private individuals as detailed in the table below:
I&M Bank Group
I&M Bank Tanzania Limited 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$1.3 billion, as of December 2011. The group has operations in Kenya, Mauritius and Tanzania. The member companies of the Group include following:
Branch Network
As of November 2014, I&M Bank (Tanzania) Limited maintains the following networked branches:
- Moshi Branch - Rindi Lane Road, Moshi
- Oysterbay Branch - Toure Drive & Ghuba Road, 344 Block F, Oysterbay Area, Dar es Salaam
- Maktaba Branch - Maktaba Square, Maktaba Street, Dar es Salaam
- Main Branch - Jiwan Hirji Building, Corner of Indira Gandhi Street & Mosque Street, Dar es Salaam
- Kariakoo Branch - 21 Livingstone Street, Kariakoo, Dar es Salaam
- Arusha Branch - 4 Block R, Falcon Building, Jakaranda Street, Arusha
- Quality Centre Branch - Quality Centre Mall, Dar es Salaam
- Mwanza Branch - Ekacliff Building, Balewa Street, Isamilo Area, Mwanza.