16/4…Diversified financial services firm, I&M Holdings, has announced the appointment of Mr. Kihara Maina to serve as the Chief Executive Officer of I&M Bank Ltd., Kenya.
The high profile appointment announced by Mr Sarit Raja- Shah, Executive Director of I&M Bank Ltd., takes effect immediately and is geared at further strengthening the Bank’s corporate governance and human capacity.
The appointment is also part of a strategic effort by the I&M Holdings Ltd., the Group company, to accelerate I&M Bank Kenya’s drive to attain a tier one bank status on the back of innovative products and services.
A seasoned career banker, Mr. Maina, the immediate past Barclays Bank of Tanzania Managing Director, will be taking over from the outgoing I&M Bank Kenya Chief Executive Officer Mr. Arun Mathur who retires after a long and fruitful career with the Bank. Mr Mathur will be assuming an advisory role within the I&M Bank group.
“At I&M Bank, we are excited to welcome Mr. Maina on board, as we further seek to deepen our human resource capacity,” Mr. Shah said, adding that, “this is also an exciting phase of growth for I&M Bank Kenya, as it continues to pursue an aggressive growth agenda spearheaded by a dynamic team of professional managers and robust staffers.”
Prior to joining I&M Bank Kenya, Mr. Maina has enjoyed a successful banking career over the last 23 years in various senior management positions. At I&M Bank Kenya, Mr. Maina, brings on board a wealth of experience, gained on various banking fronts including treasury management, corporate finance, risk, asset and liability management. Commenting on his appointment, Mr. Maina said “I am delighted to join I&M Group and be part of the next phase of their exciting growth story. I recognise the excellent work that the dedicated team at I&M have done to build such a strong and well perceived brand that continues to attract customers and clients. It is my expectation that we will continue to see even greater growth in the years ahead.”
An Executive Master of Business Administration Degree Holder from University of Chicago - Booth School of Business, Mr. Maina is also a BSc Mathematics Degree Holder from Moi University. Media Release
Speaking when he confirmed the appointment, I&M Executive Director Mr. Shah also acknowledged the retiring CEO Mr. Mathur, for his outstanding and long service to the Group. As the group further seeks to tap into his wealth of experience, Mr. Mathur will be actively involved with I&M Capital, which is seeking to enhance its corporate finance solutions and advisory capacity.
Over the years, I&M Bank Kenya, has focused on a relationship based approach to banking, helping nurture relationships with some of Kenya’s fastest growing corporate organisations.
The Bank has also successfully managed to integrate a formidable suite of retail banking products anchored on its robust Information Technology systems to deliver demand driven digital banking solutions.
Already, I&M Bank Kenya has embarked on a corporate initiative that promotes best practices in sustainable finance.
Last year, I&M Bank Kenya posted a pretax profit of Kes 8.75 Bn with deposits increasing by 18% to hit a new record of Kes 116.79 Bn even as its loans and advances portfolio touched the Kes 114 Bn mark.
With an expanding regional branch network of 33 branches in Kenya and profitable operations in Mauritius, Tanzania and Rwanda, the Bank has also been actively rolling out customer focused products and solutions which have accelerated its market penetration.
The Bank’s market penetration strategy has already seen I&M Bank pioneer the rollout of an innovative customer loyalty solution aptly branded as the IMBA Reward Points scheme.
Anchored on its robust Information Technology platforms, the Bank has also activated its agency banking platform through the launch of “I&M Karibu” in an effort to diversify revenue, provide access to the unbanked population and bring the Bank even closer to its current and future customers through a wider network across the country.
Customers at I&M Bank are already enjoying the benefits of a digital bank, with an option to transact through the “I&M App”, featuring five convenient mobile banking applications. Through its subsidiary, I&M Insurance Agency, the Bank also offers Bancassurance services covering a wide variety of insurance products.