I&M Holdings Limited

I&M Holdings Limited

Type	Public
Traded as	KN: IMH
Industry	Banking, Insurance
Founded	15 August 1950 (1950-08-15)
Headquarters	I&M Bank Tower Kenyatta Avenue Nairobi, Kenya
Key people	Kihara Maina Group Executive Director[1]
Products	Banking & Insurance.
Revenue	Pretax:US$102 million (KES:10.2 billion) (2015)[2]
Total assets	US$1.916 billion (KES: 191.7 billion) (2015)[2]
Number of employees	1,600+ (2016)[3]
Website	Homepage

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.^[4]

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.^[5]

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.^[5]

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).^[6] The group is reported to have intentions to expand throughout East Africa through acquisitions.^[7]

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.^[8]

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.^[5]

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.^[3][9]

Member companies

The companies that comprise the I&M Bank Group include, but are not limited, to the following:

1. 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).^[10]
2. 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.
3. 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.^[7] Total bank assets as of December 2013 valued at TSh296.64 billion.^[11]
4. 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.
5. I&M Capital – Nairobi, Kenya: A fund management company licensed by the Capital Markets Authority.^[12]
6. 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.^[13]
7. Burbidge Capital Limited - An investment advisory company with offices in Kenya, Uganda and the United Kingdom.^[14][15]
8. 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.^[16]

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:^[17]

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.^[18]

External links

• I&M Bank Limited Homepage
• Bank One Mauritius Homepage
• GA Insurance Homepage

See also

References

Banks of Kenya
Central bank	Central Bank of Kenya
Commercial bank	African Banking Corporation Bank of Africa Barclays Bank Bank of Baroda Bank of India Stanbic Bank Chase Bank Citibank NA Kenya Commercial Bank of Africa Consolidated Bank of Kenya Cooperative Bank of Kenya Credit Bank Development Bank of Kenya Diamond Trust Bank East African Development Bank Ecobank Kenya Equity Bank Family Bank FidelityBank First Community Bank Giro Commercial Bank Guaranty Trust Bank (Kenya) Guardian Bank Gulf African Bank Habib Bank Habib Bank AG Zurich Housing Finance Company of Kenya I&M Bank Limited Imperial Bank Limited Jamii Bora Bank Kenya Commercial Bank Middle East Bank Kenya M-Oriental Bank National Bank of Kenya NIC Bank Paramount Universal Bank Post Bank Prime bank Sidian Bank Spire Bank Standard Chartered Kenya Trans National Bank Kenya United Bank for Africa Victoria Commercial Bank
Financial services organization	Diamond Trust Bank Group Equity Group Holdings Limited Commercial Bank of Africa Group Guaranty Trust Bank (East Africa) I&M Bank Group Kenya Commercial Bank Group NIC Bank Group
Foreign banks	Bank of China Bank of Kigali HDFC Bank Nedbank The Hongkong and Shanghai Banking Corporation First Rand
Defunct banks	Dubai Bank Kenya Euro Bank
Microfinance Institutions	Faulu Microfinance Bank Limited SMEP Microfinance Bank Kenya Women Microfinance Bank
Related Topics	Automated Teller Machine (ATM) ATM usage fees De-Materialisation (DEMAT) Foreign Exchange (FOREX) Financial Services Real Time Gross Settlement (RTGS) National Electronic Fund Transfer (NEFT) Structured Financial Messaging System (SFMS)