I&M Holdings Limited

I&M Holdings Limited
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 IncreasePretax: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]

I&M Bank Group Stock Ownership
Rank Name of OwnerPercentage Ownership
1Minard Holdings Limited of Kenya22.49
2 Ziyungi Limited of Kenya18.74
3 Tecoma Limited of Kenya16.66
4 German Investment Corporation of Germany6.25
5 PROPARCO of France4.43
6Prime Securities Investment Trust Limited3.65
7Mnana Limited of Kenya2.59
8Bhagwanji Raja Charitable Foundation2.41
9 I&M Nominees Limited A/c:12292.14
10I&M Nominees Limited A/c:40472.13
11 Others (Approx. 1840)18.50
Total100.00

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

See also

References

  1. ↑ Guguyu, Otiato (16 May 2016). "I&M names former Barclays Tanzania boss as new CEO". Business Daily Africa. Nairobi. Retrieved 16 May 2016.
  2. 1 2 Njugunah, Margaret (29 March 2016). "Kenya: I&M Bank Group Declares a 24 Percent Growth in Profit". Nairobi: 98.4 Capital FM via AllAfrica.com. Retrieved 29 March 2016.
  3. 1 2 Suprio Sengupta, and Sanjay Gidoomal (7 September 2015). "I&M Holdings Agrees to Purchase Entire Issued Share Capital of Giro Commercial Bank Limited" (PDF). Nairobi: I&M Bank Group. Retrieved 29 March 2016.
  4. ↑ Zandi Shabalala, George Obulutsa, and Elaine Hardcastle (10 April 2014). "Kenya's I&M Bank posts 27 pct jump in pretax profit for 2013". Reuters.com. Retrieved 29 March 2016.
  5. 1 2 3 "About us - I&M Holdings Limited". I&M Holdings Limited. Retrieved 2016-06-07.
  6. ↑ TDN Reporter (19 September 2010). "Tanzania: CF Union Bank Changes Name". Tanzania Daily News via AllAfrica.com. Dar es Salaam. Retrieved 29 March 2016.
  7. 1 2 BDA Reporter (September 2010). "I&M moves into Tanzania for a regional footprint". Business Daily Africa. Nairobi. Retrieved 29 March 2016.
  8. ↑ Gasore, Ben (12 August 2013). "Rwanda: BCR Rebrands to I&M Bank". New Times (Rwanda) via AllAfrica.com. Kigali. Retrieved 29 March 2016.
  9. ↑ Mwaniki, Charles (7 September 2015). "I&M Holdings in deal to acquire Giro Bank". Business Daily Africa. Nairobi. Retrieved 29 March 2016.
  10. ↑ IMB (31 December 2015). "I&M Financials for the Year Ending 31 December 2015" (PDF). Nairobi: I&M Bank (IMB). Retrieved 29 March 2016.
  11. ↑ IMBT (31 December 2013). "I&M Bank Tanzania Limited Report and Financial Statements 2013" (PDF). Dar Es Salaam: I&M Bank Tanzania Limited (IMBTL). Retrieved 29 March 2016.
  12. ↑ Irungu, Geoffrey (2 July 2015). "I&M Capital licensed to run funds". Business Daily Africa. Nairobi. Retrieved 28 March 2016.
  13. ↑ GAIL (29 March 2016). "GA Insurance Limited: About Us". Nairobi: GA Insurance Limited (GAIL). Retrieved 29 March 2016.
  14. ↑ Business Daily Reporter (16 October 2015). "I&M to acquire 65 percent of Burbidge Capital". Business Daily Africa. Nairobi. Retrieved 16 October 2015.
  15. ↑ Ngugi, Brian (18 May 2016). "I&M Holdings owners give the nod for Burbidge Capital takeover". Business Daily Africa. Nairobi. Retrieved 18 May 2016.
  16. ↑ Mwaniki, Charles (7 September 2015). "I&M Holdings in deal to acquire Giro Bank". Business Daily Africa. Nairobi. Retrieved 16 October 2015.
  17. ↑ IMHL (11 October 2013). "I&M Shareholder Circular of 11 October 2013" (PDF). Nairobi: I&M Holdings Limited (IMHL). Retrieved 29 March 2016.
  18. ↑ IMHL (29 March 2016). "I&M Holdings Limited: Directors". Nairobi: I&M Holdings Limited (IMHL). Retrieved 29 March 2016.
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