Mastermind Behind the Establishment and Growth of I&M Bank

I&M Bank Limited was founded by Suresh Bhagwanji Raja Shah in 1974. Raja served as the chairman until 2021 when he retired, but remains on the Board as a Non-Executive Director.

Raja has vast experience in the banking industry and in business.

In December 2002, he was bestowed the Honour of a Moran of the Order of the Burning Spear (MBS).

Raja started I&M Bank as a financial services company before it was converted to a commercial bank.

I&M Bank is a wholly owned subsidiary of I&M Group PLC (previously known as I&M Holdings PLC), a public company listed at the Nairobi Securities Exchange (NSE).

It has grown from a community financial institution to a publicly listed major regional commercial bank offering a full range of corporate and retail banking services.

I&M Bank shares have been publicly traded on the Nairobi Stock Exchange (NSE) since June 2013 through the acquisition of its entire shareholding by I&M Group Plc.

It has become a dominant player in the Kenyan market with its consistent growth, enhanced digital and IT capabilities.

British International Investment, a development finance institution wholly owned by the government of the United Kingdom, owns approximately 10.68% of I&M Group Plc, the holding company of I&M Bank Ltd.

In March 2024, East Africa Growth Holding acquired a minority shareholding in I&M Group Plc.

The Company bought 10.12 percent of the issued share capital from British International Investment Plc.

I&M Bank International Connections

In addition, I&M Bank has a technical support agreement with the International Finance Corporation for staff training, product development and risk management.

I&M Bank benefits from medium-term foreign currency credit facilities provided by various Development Financial Institutions, including Proparco, IFC and DEG.

The 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.

Its international network includes Bank One Limited (Mauritius), I&M Bank (T) Limited, Tanzania and I&M Bank (Rwanda) Plc, Rwanda and I&M Bank Uganda Ltd.

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I&M Group Plc

The Group operates in five countries: Kenya, Tanzania, Rwanda, Uganda and Mauritius through its subsidiaries, affiliates and joint venture investments in each of these countries.

Approximately 80% of I&M Holdings Plc’s asset value stems from our Kenyan operations, with the largest entity by asset value being I&M Bank.

The Group has a major presence in Banking and Insurance, Manufacturing and Real Estate.

Operations Outside Kenya

In Tanzania and Rwanda, the Group is represented by its Banking Subsidiaries, I&M Bank (T) Limited, Tanzania and I&M Bank (Rwanda) Plc, respectively.

In Uganda, its representation is through I&M Burbidge Capital (U) Limited, a subsidiary of I&M Burbidge Capital Limited, a corporate finance advisory arm of the Group.

I&M Group also has a 50% shareholding in Bank One Limited, Mauritius.

Other group-related companies include GA Insurance Company – popularly known as GA.

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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 the Kenyan Insurance Company in 1979.

Enjoying its presence for over 50 years, GA has earned its standing as one of the reputable insurance companies in Kenya.

2024 Profit

I&M Group PLC recorded a profit after tax hit Ksh15.3 billion in 2024, up from Ksh12.6 billion in 2023.

The profit before tax was Ksh20.8 billion, representing 25% growth.

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