I&M Bank was founded in 1974 as a financial services company and later converted to a commercial bank.
I&M Bank is a wholly owned subsidiary of I&M Holdings PLC, a publicly quoted company at the Nairobi Securities Exchange (NSE). The bank possesses a rich heritage in banking. Started in 1974, it evolved from a community financial institution to a publicly listed major regional commercial bank offering a full range of corporate and retail banking services.
From June 2013, I&M Bank shares are publicly traded in the Nairobi Stock Exchange through the acquisition of its entire shareholding by I&M Holdings Ltd, a publicly listed company.
I&M Bank is a dominant player in the Kenyan market that has been consistently growing, and is innovative in terms of the type and range of products and services it offers.
CDC Group PLC, a development finance institution wholly owned by the government of the United Kingdom owns approximately 10.68% of I&M Holdings, the holding company of I&M Bank Ltd. In addition, I&M Bank has a technical support agreement with International Finance Corporation for staff training, product development and risk management. I&M Bank also enjoys medium-term foreign currency credit facilities from European Development Financial Institutions – Proparco, IFC, DEG and FMO.
I&M Bank’s international correspondent banks include major multinational banks such as Bank One Ltd, Citibank NA, CommerzBank AG, Deutsche Bank AG, ICICI Limited Mumbai, Mashreq Bank PLC, Standard Bank of South Africa and Standard Chartered Bank NY.
I&M Bank’s international network includes Bank One Limited (Mauritius), I&M Bank Tanzania Limited and I&M Bank Rwanda Limited.
I&M Bank Limited is also the flagship company of the I&M Group of Companies a leading corporate group in East Africa. The Group has a major presence in Banking and Insurance, Manufacturing and Real Estate. Apart from the Bank, the Group’s related companies include GA Insurance Company – popularly known as GA. GA is one of the oldest insurance companies operating in Kenya specializing in all classes of general insurance. Having its parentage from General Accident UK, it was incorporated as Kenyan Insurance Company in 1979. Enjoying its presence over 50 years, GA has earned its standing as one of the reputable insurance companies in Kenya.
I&M Bank also owns 50% of a bank in Mauritius – Bank One Limited an acquisition made jointly with the CIEL group of Mauritius, which is one of the largest and most reputable business groups in Mauritius. Bank One, with its customer base of over 50,000, a branch network of 15 branches in Mauritius, and a staff complement of 300 is a fast growing commercial bank in Mauritius.
April 20, 2021 12:49 am local time