Type Public Industry Banking, Insurance Number of employees 1,600 Founded 1974 | Traded as KN: IMH Products Banking & Insurance. Headquarters Nairobi | |
Key people Kihara Maina
Group Executive Director Revenue Pretax:US$102 million (KES:10.2 billion) (2015) Total assets 1.916 billion USD (2015, KES: 191.7 billion) Subsidiaries I&M Bank Limited, Burbidge Capital Limited, Kenstock Limited | ||
I&M Holdings Limited, also I&M Bank Group, is a conglomerate comprising financial service providers (banks and an insurance company). The group's headquarters are located in Nairobi, Kenya, with subsidiaries in Kenya, Mauritius, Rwanda 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.
Contents
History
I&M Holdings as we know know it is a result of a reverse merger between City Trust Limited and I&M Bank Limited.
City Trust
I&M Holdings Limited was founded in 1950 as City Trust Limited, an investment holding company. The firm was one of the first to list its stock on the Nairobi Securities Exchange.
I&M Bank
I&M Bank was founded in 1974 as Investments & Mortgages Limited, as a private company providing personalised financial services to business people in the Nairobi area. The firm converted to a commercial bank in 1996. In 2003, the bank acquired Biashara Bank of Kenya Limited thereby expanding its branch network, client base and assets under management.
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). The group is reported to have intentions to expand throughout East Africa through acquisitions.
During 2012, the group acquired a controlling interest in Commercial Bank of Rwanda (BCR), the second-largest commercial bank in the Republic of Rwanda. In 2013 BCR rebranded to I&M Bank (Rwanda), to reflect its current shareholding.
Merger
In 2013, the boards of City Trust and I&M Bank announced a reverse takeover of the latter. A decision that was accepted by shareholders of both companies and completed in June 2013. City Trust's name was changed to I&M Holdings and the I&M Bank's subsidiaries were unbundled from the bank to I&M Holdings.
Post merger
On 7 September 2015 I&M Holdings announced the acquisition of Giro Commercial Bank and merging of its business with that of I&M Bank Kenya. The process is awaiting regulatory approval.
Member companies
The companies that comprise the I&M Bank Group include, but are not limited, to the following:
- I&M Bank Limited – Nairobi, Kenya: The flagship company of the group. A commercial bank in Kenya, serving individuals and businesses, focusing mainly on medium sized corporations. Total Bank Assets as of December 2015 valued at approximately US$1.48 billion (KSh147.85 billion).
- 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 2013, total bank assets were approximately US$581.85 million.
- I&M Bank Tanzania Limited – Dar-es-Salaam, Tanzania: I&M Bank Group owns 55.03 percent shareholding since 2010. Other investors in I&M Bank Tanzania Limited include: PROPARCO of France, Kibo Fund, a private equity fund based in Mauritius and Michael Shirima, a Tanzanian businessman. Total bank assets as of December 2013 valued at TSh296.64 billion.
- I&M Bank Rwanda Limited – Kigali, Rwanda: In July 2012, I&M Bank Group acquired 54.99 percent shareholding in Commercial Bank of Rwanda (BCR), the second-largest commercial bank in the country at the time, for an undisclosed sum of money. BCR re-branded to I&M Bank Rwanda in August 2013. Total Bank Assets as of December 2013 estimated at approximately US$185.27 million.
- I&M Capital – Nairobi, Kenya: A fund management company licensed by the Capital Markets Authority.
- 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 re-branded as GA Insurance Limited. The company provides various types of insurance cover, including health care coverage.
- Burbidge Capital Limited - An investment advisory company with offices in Kenya, Uganda and the United Kingdom.
- Giro Commercial Bank - A commercial bank in Kenya, with total banking assets of approximately US$160 million (KSh16.2 billion), acquired in September 2015. Once regulatory approval is given, the bank will be merged with I&M Bank Limited.
Ownership
The shares of I&M Holdings Limited are listed on the Nairobi Securities Exchange (NSE), where they trade under the symbol IMHL. As of June 2013 the shareholding of I&M Holdings Limited was as follows:
Governance
I&M Holdings Limited is governed by a nine-person Board of Directors with S. B. R. Shah serving as the Chairman of the group.