A brief history of I&M Bank Rwanda.

bcr photo before 94

An archive photo of the headquarter building

The bank  was incorporated on 25th May 1963 as the first commercial bank in Rwanda as Banque Commerciale du Rwanda (BCR). In December 2004, BCR was privatised and acquired by Actis a pan-emerging markets private equity firm and the Government of Rwanda after recapitalization of the Company’s equity, giving ACTIS 80% shareholding. On the 17th July, 2012  an 80% equity buy out of Actis by a consortium comprising of I&M bank – a Kenyan based Bank, and two  European developmental financial institutions –DEG and Proparco led to a re brand of the company to I&M Bank (Rwanda) Limited

 

I&M Bank (Rwanda) current shareholders

  • A consortium led by I&M Bank Group (including DEG and Proparco 25%)  – 80%
  • The Government of Rwanda – 19.8%
  • Private Local Nationals  – 0.2%

I&M BANK GROUP HISTORY

I&M Bank group established in 1974 now comprises of I&M Bank Limited in Kenya, I&M Bank (T) Limited in Tanzania, Bank One Limited in Mauritius and I&M Bank Rwanda Limited in Rwanda.

 

  • 1974

    Investments & Mortgages Limited was formed and was based in Phoenix House. "I&M" as it was known, provided a much needed personalised financial service for Nairobi's business community.

  • 1980

    Formally registered as a Financial Institution under Banking Act and moved offices to Investment House, Kenyatta Avenue.

  • 1996

    Following changes in the Central Bank of Kenya regulation, I&M formally converted into a commercial bank on 1st April 1996. This change coincided with a move to a more modern setting on Koinange Street.

  • 1999

    I&M was in the process of a major restructuring exercise in 1999 to coincide with completion of 25 years of "I&M" name. The changes were initiated by the launch of a small, but important change - a new logo. This was intended to highlight I&M's evolution from a finance company into a commercial bank. I&M’s head offices were relocated to the prestigious I&M Bank House on 2nd Ngong Avenue, Nairobi-Kenya. This modern, spacious building was been designed and built to fulfill the needs of our customers.

  • 2002

    The new Main branch of I&M opened at the glittering 16 storey I&M Bank Tower located at the heart of the Central Business District of Nairobi-Kenya.

  • 2003

    I&M acquired the assets of Biashara Bank of Kenya Limited. This merger resulted in increased market share, profitability and efficiency.

  • 2007

    DEG and PROPARCO, two leading international development financial institutions, invested K.Shs.377 million to acquire 11.96% shareholding in I&M.

  • 2008

    In February 2008, I&M acquired 50% shareholding in First City Bank (FCB) Limited, through a joint venture with the CIEL Group, Mauritius. FCB has subsequently rebranded itself as Bank One Limited.

  • 2010

    In January 2010, I&M Bank announced its entry into commercial banking in Tanzania with the acquisition of a majority stake in CF Union Bank Ltd (CFUB). Also participating in the equity buy-out was PROPARCO, a French Development Financial Institution, and an existing shareholder of I&M Bank together with The Kibo Fund and a well known and respected Tanzanian businessman Mr. Michael N Shirima who is a significant shareholder of Precision Air, the Tanzanian national airline.

  • 2012

    I&M Bank enters Rwanda with the acquisition of a majority shareholding in I&M Bank Rwanda, in consortium with Proparco and DEG.

Now

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