I&M Bank was founded in 1974 as a financial service company and started operations in Tanzania in 2010 by acquiring CF Union Bank.

I&M Bank Group traces its roots to Investments & Mortgages Limited, a financial services company started by our Chairman Sarit S Raja Shah’s father SBR Shah in 1974 which operated out of Nairobi’s Koinange Street at the site where the current 16-storey I&M Bank Tower was built later. I&M Bank (T) Ltd came into operation in 2010 when I&M Bank acquired CF Union Bank which had been operating in Tanzania since 2001.

  • 1974

    Investments & Mortgages Limited was formed and was based in Phoenix House. "I&M" as it was known, provided a much needed personalized 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.

  • 2010

    PROPARCO, the French Development Agency, jointly with DEG – the German Investment & Development Company increased their shareholding through an additional investment of USD 17 Million in I&M Bank. With this additional equity investment, the two organisations now hold a 21.7% shareholding in I&M Bank (T) Ltd.

  • 2012

    I&M Bank enters Rwanda with the acquisition of a majority shareholding in Banque Commerciale du Rwanda (BCR), in consortium with Proparco and DEG.


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