I&M Bank Group
Encyclopedia
I&M Bank Group, is a conglomerate
comprising financial services providers (banks
and insurance companies) and a chain of hospitality companies.
, Kenya
, with subsidiaries in Kenya
, Mauritius
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.
, 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.
The Group offers franchise opportunities to outside investors.
Conglomerate (company)
A conglomerate is a combination of two or more corporations engaged in entirely different businesses that fall under one corporate structure , usually involving a parent company and several subsidiaries. Often, a conglomerate is a multi-industry company...
comprising financial services providers (banks
Bank
A bank is a financial institution that serves as a financial intermediary. The term "bank" may refer to one of several related types of entities:...
and insurance companies) and a chain of hospitality companies.
Location
The Group's headquarters are located in NairobiNairobi
Nairobi is the capital and largest city of Kenya. The city and its surrounding area also forms the Nairobi County. The name "Nairobi" comes from the Maasai phrase Enkare Nyirobi, which translates to "the place of cool waters". However, it is popularly known as the "Green City in the Sun" and is...
, Kenya
Kenya
Kenya , officially known as the Republic of Kenya, is a country in East Africa that lies on the equator, with the Indian Ocean to its south-east...
, with subsidiaries in Kenya
Kenya
Kenya , officially known as the Republic of Kenya, is a country in East Africa that lies on the equator, with the Indian Ocean to its south-east...
, Mauritius
Mauritius
Mauritius , officially the Republic of Mauritius is an island nation off the southeast coast of the African continent in the southwest Indian Ocean, about east of Madagascar...
and Tanzania
Tanzania
The United Republic of Tanzania is a country in East Africa bordered by Kenya and Uganda to the north, Rwanda, Burundi, and the Democratic Republic of the Congo to the west, and Zambia, Malawi, and Mozambique to the south. The country's eastern borders lie on the Indian Ocean.Tanzania is a state...
. The flagship company of the group is I&M Bank Limited
I&M Bank Limited
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...
, with headquarters in the I&M Bank Tower
I&M Bank Tower
-Overview:Completed in 2001, the tower is the main headquarters for I&M Bank Limited . In the past, the building also served as the headquarters of the Standard Group, which includes The Standard newspaper and Kenya Television Network TV-station....
on Kenyatta Avenue in the central business district
Central business district
A central business district is the commercial and often geographic heart of a city. In North America this part of a city is commonly referred to as "downtown" or "city center"...
of Nairobi
Nairobi
Nairobi is the capital and largest city of Kenya. The city and its surrounding area also forms the Nairobi County. The name "Nairobi" comes from the Maasai phrase Enkare Nyirobi, which translates to "the place of cool waters". However, it is popularly known as the "Green City in the Sun" and is...
, Kenya's capital and largest city.
Overview
I&M Bank Group is a large conglomerate and is a major player in the financial services industry in Eastern Africa, particularly in Kenya where the group maintains its headquarters. , the Group's total assets were in excess of US$1.09 billion (KES:86.9 billion), with shareholder's equity of approximately US$167 million (KES:13.4 billion). In 2010, the Group acquired a controlling interest in CF Union Bank of TanzaniaTanzania
The United Republic of Tanzania is a country in East Africa bordered by Kenya and Uganda to the north, Rwanda, Burundi, and the Democratic Republic of the Congo to the west, and Zambia, Malawi, and Mozambique to the south. The country's eastern borders lie on the Indian Ocean.Tanzania is a state...
, 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)
I&M Bank (Tanzania)
I&M Bank is a commercial bank in Tanzania. , the bank is a small banking institution, providing banking services to individuals and businesses, with emphasis on serving medium to large corporate clients...
. The Group is reported to have intentions to expand throughout East Africa
East Africa
East Africa or Eastern Africa is the easterly region of the African continent, variably defined by geography or geopolitics. In the UN scheme of geographic regions, 19 territories constitute Eastern Africa:...
through acquisitions.
Member companies
The companies that comprise the I&M Bank Group include, but are not limited, to the following:- I&M Bank LimitedI&M Bank LimitedI&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...
- NairobiNairobiNairobi is the capital and largest city of Kenya. The city and its surrounding area also forms the Nairobi County. The name "Nairobi" comes from the Maasai phrase Enkare Nyirobi, which translates to "the place of cool waters". However, it is popularly known as the "Green City in the Sun" and is...
, KenyaKenyaKenya , officially known as the Republic of Kenya, is a country in East Africa that lies on the equator, with the Indian Ocean to its south-east...
:
The flagship company of the Group. A commercial bankCommercial bankAfter the implementation of the Glass–Steagall Act, the U.S. Congress required that banks engage only in banking activities, whereas investment banks were limited to capital market activities. As the two no longer have to be under separate ownership under U.S...
in Kenya, serving individuals and businesses, focusing mainly on large corporations. The German Investment CorporationGerman Investment CorporationDeutsche Investitions- und Entwicklungsgesellschaft translates into German Investment Corporation. DEG is a member of KfW Bank Group , an arm of the government of the Federal Republic of Germany....
, DEG and PROPARCO, the French Development Agency jointly own 21.7% of I&M Bank.Shareholding in I&M Bank Limited As of September 2010, total bank assets are is excess of US$586 million. - Bank One Mauritius - Port LouisPort Louis-Economy:The economy is dominated by its port, which handles Mauritius' international trade. The port was founded by the French who preferred Port Louis as the City is shielded by the Port Louis/Moka mountain range. It is the largest container handling facility in the Indian Ocean and can...
, MauritiusMauritiusMauritius , officially the Republic of Mauritius is an island nation off the southeast coast of the African continent in the southwest Indian Ocean, about east of Madagascar...
:
The Group owns 50% of Bank One Mauritius. The other 50% is owned by CIEL Investments Limited. As of December 2009, total bank assets were approximately US$355 million. - I&M Bank (Tanzania)I&M Bank (Tanzania)I&M Bank is a commercial bank in Tanzania. , the bank is a small banking institution, providing banking services to individuals and businesses, with emphasis on serving medium to large corporate clients...
- Dar-es-Salaam, TanzaniaTanzaniaThe United Republic of Tanzania is a country in East Africa bordered by Kenya and Uganda to the north, Rwanda, Burundi, and the Democratic Republic of the Congo to the west, and Zambia, Malawi, and Mozambique to the south. The country's eastern borders lie on the Indian Ocean.Tanzania is a state...
:
I&M Bank Group Acquired Majority Shareholding in 2010. Other investors in I&M Bank (Tanzania) include: (a) PROPARCO of FranceFranceThe French Republic , The French Republic , The French Republic , (commonly known as France , is a unitary semi-presidential republic in Western Europe with several overseas territories and islands located on other continents and in the Indian, Pacific, and Atlantic oceans. Metropolitan France...
, (b) Kibo Fund, a private equity fund based in MauritiusMauritiusMauritius , officially the Republic of Mauritius is an island nation off the southeast coast of the African continent in the southwest Indian Ocean, about east of Madagascar...
and (c) Michael Shirima, a TanzaniaTanzaniaThe United Republic of Tanzania is a country in East Africa bordered by Kenya and Uganda to the north, Rwanda, Burundi, and the Democratic Republic of the Congo to the west, and Zambia, Malawi, and Mozambique to the south. The country's eastern borders lie on the Indian Ocean.Tanzania is a state...
n businessman. Total Bank Assets as of December 2009 estimated at approximately US$61 million. - GA Insurance - NairobiNairobiNairobi is the capital and largest city of Kenya. The city and its surrounding area also forms the Nairobi County. The name "Nairobi" comes from the Maasai phrase Enkare Nyirobi, which translates to "the place of cool waters". However, it is popularly known as the "Green City in the Sun" and is...
, KenyaKenyaKenya , officially known as the Republic of Kenya, is a country in East Africa that lies on the equator, with the Indian Ocean to its south-east...
: 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 rebranded as GA Insurance Limited. The company provides various types of insurance cover, including health care coverage. - The Tamarind Group - NairobiNairobiNairobi is the capital and largest city of Kenya. The city and its surrounding area also forms the Nairobi County. The name "Nairobi" comes from the Maasai phrase Enkare Nyirobi, which translates to "the place of cool waters". However, it is popularly known as the "Green City in the Sun" and is...
, KenyaKenyaKenya , officially known as the Republic of Kenya, is a country in East Africa that lies on the equator, with the Indian Ocean to its south-east...
: A chain of about twelve (12) upscale restaurants and leisure establishments in and around the cities of NairobiNairobiNairobi is the capital and largest city of Kenya. The city and its surrounding area also forms the Nairobi County. The name "Nairobi" comes from the Maasai phrase Enkare Nyirobi, which translates to "the place of cool waters". However, it is popularly known as the "Green City in the Sun" and is...
and MombasaMombasaMombasa is the second-largest city in Kenya. Lying next to the Indian Ocean, it has a major port and an international airport. The city also serves as the centre of the coastal tourism industry....
in Kenya. Establishments include:- Carnivore
- Simba Saloon
- Tamarind Nairobi
- Tamarind Mombasa
- Tamarind Village
- Tamambo
- Tamarind Dhow
- Tapas
The Group offers franchise opportunities to outside investors.
External links
- I&M Bank Limited Homepage
- Bank One Mauritius Homepage
- GA Insurance Homepage
- The Tamarind Group Homepage
See also
- I&M Bank LimitedI&M Bank LimitedI&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...
- I&M Bank TowerI&M Bank Tower-Overview:Completed in 2001, the tower is the main headquarters for I&M Bank Limited . In the past, the building also served as the headquarters of the Standard Group, which includes The Standard newspaper and Kenya Television Network TV-station....
- German Investment CorporationGerman Investment CorporationDeutsche Investitions- und Entwicklungsgesellschaft translates into German Investment Corporation. DEG is a member of KfW Bank Group , an arm of the government of the Federal Republic of Germany....
- List of conglomerates in Africa