I&M Holdings Limited, also I&M Bank Group, is a conglomerate comprising banks, an insurance company and investment advisory businesses. The group's headquarters are located in Nairobi, Kenya, with subsidiaries in Kenya, Mauritius, Rwanda, Tanzania and Uganda. 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.
Overview
I&M Group Plc a large financial services conglomerate, serving the countries of the East African Community and parts of the Indian Ocean Islands. As of December 2021, the company's total assets were KES:415.2 billion (US$3.61 billion), with shareholders' equity of KES:69.6 billion (US$605.8 million). At that time, company maintained subsidiaries in five countries in the African Great Lakes region.
History
I&M Holdings as we now 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, 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 was 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, which required regulatory approval, was concluded in February 2017, with Giro Commercial Bank surrendering its banking license and becoming part of I&M Bank Limited.
On 20 July 2020, I&M Holdings Limited signed an agreement with the shareholders of Orient Bank (OBU) in Uganda, committing I&MHL to buy and the owners of OBU to sell 90 percent shareholding in the Ugandan commercial bank. The transaction, which requires regulatory approval in Uganda and Kenya will cost in excess of KES:2 billion (US$20 million).
Member companies
The companies that comprise the I&M Bank Group include, but are not limited, to the following: