I&M Bank Limited
Encyclopedia
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...
. It is one of the commercial banks licensed by the Central Bank of Kenya
Central Bank of Kenya
The Central Bank of Kenya is Kenya's central bank. The bank is located in Nairobi. The current governor of the bank is Professor Njuguna Ndungu whose appointment took effect from March 4, 2007...
, the national banking regulator.
Overview
The bank is a large financial services institution in KenyaKenya
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 an estimated asset base in excess of US$782 million (KES:62.6 billion), with shareholders' equity of approximately US$162.2 million (KES:13 billion), as of December 2010. I&M Bank serves the banking needs of large and small business customers as well as individuals, with emphasis on large corporations. The bank is partly owned by PROPARCO, the French Development Agency and DEG
German Investment Corporation
Deutsche 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....
, the German Investment & Development Company. Both those institutions jointly own 21.7% of I&M Bank Limited.
History
The bank traces its history to 1974 when Investments & Mortgages Limited was formed as a private company providing personalized financial services to business people in the 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...
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
Central Bank of Kenya
The Central Bank of Kenya is Kenya's central bank. The bank is located in Nairobi. The current governor of the bank is Professor Njuguna Ndungu whose appointment took effect from March 4, 2007...
, the banking regulator in the country, I&M became a commercial bank
Commercial bank
After 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 1996.
In 2002, the present headquarters building, a 16 storey glass and steel skyscraper known as 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....
, was opened on Kenyatta Avenue, in 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...
's 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"...
. 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
German Investment Corporation
Deutsche 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....
and PROPARCO, two leading International development financial institutions, invested approximately US$4.5 million to acquire 11.96% shareholding in I&M Bank. That shareholding was later increased to 21.7% by the investment of another US$17 million.
In 2008, I&M Bank acquired a 50% ownership in First City Bank Limited (FCB) of 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...
. FCB has since rebranded itself as Bank One Limited. In 2010, I&M Bank acquired a controlling shareholding in CF Union Bank of 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...
. CF Union Bank has since rebranded into 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 owners of I&M Bank have declared their intentions to continue their expansion throughout the region.
I&M Bank Group
I&M Bank Limited is a member of the I&M Bank GroupI&M Bank Group
I&M Bank Group, is a conglomerate comprising financial services providers and a chain of hospitality companies.-Location:The Group's headquarters are located in Nairobi, Kenya, with subsidiaries in Kenya, Mauritius and Tanzania...
of companies. The Group is a conglomerate
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...
of businesses, primarily in the financial services sector, with subsidiaries in the Eastern African countries of 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 companies that comprise of the Group include:
- I&M Bank Limited - 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 Tamarind Group - 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....
& 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 upscale restaurants in major Kenyan cities and towns - General Accident Insurance (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...
- Bank One Limited - 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...
(50% shareholding) - 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...
(Majority shareholding)
The I&M Bank Group is a leading financial services provider in Eastern Africa, with an asset base estimated at over US$1.09 billion (KES:86.9 billion), as of December 2010. The group has operations 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...
.
Branch network
, the bank maintains a network of eighteen (18) branches at the following locations:- Main Branch - 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....
, Kenyatta Avenue, 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... - Ngong Avenue Branch - Ngong Avenue, 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...
- Westlands Branch - Sarit Center, WestlandsWestlandsWestlands is a neighborhood in the city of Nairobi, the capital and largest city in Kenya.-Location:Westlands is located , by road, northwest of the central business district of Nairobi...
, 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... - Biashara Street Branch - Ansh Plaza, 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...
- Industrial Area Branch - Changamwe Road, 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...
- Karen Connection Branch - Lower Plains Road, 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...
- Panari Sky Center Branch - Mombasa Road, 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...
- Parklands Branch - Parklands Road, Parklands, NairobiParklands, NairobiParklands, Nairobi, commonly referred to simply as Parklands, is a neighborhood in the city of Nairobi, the capital and largest city in Kenya. It is divided into numbered avenues. The name arises from the proximity of the area to City Park, Nairobi....
- Wilson Airport Branch - Wilson Airport, 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...
- Ongata Rongai Branch - Ongata RongaiOngata RongaiOngata Rongai, also locally known as Rongai or simply Rongaa, is a settlement in Kenya's Rift Valley Province located between the Kaputiei plains and the Western slopes of the Ngong hills all within Kajiado District...
, 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... - South C Branch - South C Shopping Center, 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...
- Langata Link Branch - Langata Link Commercial Complex, 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...
- Lavington Branch - LavingtonLavingtonLavington may refer to:Villages in England* East Lavington, West Sussex* West Lavington, West Sussex* West Lavington, Wiltshire* Market Lavington, Wiltshire* Lenton, Lincolnshire Places elsewhere...
, 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... - Mombasa Main Branch - Nyerere Road, 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....
- Nyali Branch - Nyali Cinema, Nyali, 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....
- Kisumu Branch - Tivoli Center, Court Road, KisumuKisumuKisumu is a port city in western Kenya at , with a population of 355,024 . It is the third largest city in Kenya, the principal city of western Kenya, the immediate former capital of Nyanza Province and the headquarters of Kisumu County. It has a municipal charter but no city charter...
- Eldoret Branch - Zion Mall, Uganda Road, EldoretEldoretEldoret is a town in western Kenya and the administrative centre of Uasin Gishu District of Rift Valley Province. Lying south of the Cherangani Hills, the local elevation varies from about 2100 metres above sea level at the airport to more than 2700 metres in nearby areas...
- Nakuru Branch - Polo Center, Kenyatta Avenue, NakuruNakuruNakuru, the provincial capital of Kenya's Rift Valley province, with roughly 300,000 inhabitants, and currently the fourth largest urban centre in the country, lies about 1850 m above sea level...
Officers & Management
The Chairman of the Board of DirectorsBoard of directors
A board of directors is a body of elected or appointed members who jointly oversee the activities of a company or organization. Other names include board of governors, board of managers, board of regents, board of trustees, and board of visitors...
of I&M Bank Limited is S.B.R.Shah, one of the non-Executive Directors. Sarit Shah is the Executive Director
Executive director
Executive director is a term sometimes applied to the chief executive officer or managing director of an organization, company, or corporation. It is widely used in North American non-profit organizations, though in recent decades many U.S. nonprofits have adopted the title "President/CEO"...
and Arun Mathur is the Chief Executive Officer
Chief executive officer
A chief executive officer , managing director , Executive Director for non-profit organizations, or chief executive is the highest-ranking corporate officer or administrator in charge of total management of an organization...
of the bank. assisted by the CEO's office (Sarvesh Shah)