May 24, 2024

I&M Bank Celebrates 50 Years of Success

I&M Bank Celebrates 50 Years of Success

I&M Bank is celebrating its golden anniversary, marking five decades of exceptional service and regional expansion. From its humble beginnings in 1974 as Investments & Mortgages Limited, a provider of personalized financial services, I&M has transformed into a leading financial institution with a presence across East Africa.

The bank’s journey has been one of continuous evolution and strategic growth. In 1980, it obtained a financial institution license, followed by a pivotal shift to becoming a commercial bank in 1996, solidifying its position within the Kenyan financial landscape.

The construction of the iconic I&M Bank Tower in 2002 marked a significant step forward, solidifying its presence in Nairobi’s central business district. The following year, the acquisition of Biashara Bank of Kenya significantly expanded its reach, client base, and asset portfolio.

I&M then partnered with international development finance institutions DEG and PROPARCO in 2007, securing their investment and expertise. This collaboration fueled the bank’s expansion into new markets.

In 2008, it acquired a 50% stake in First City Bank Limited (FCB) of Mauritius, later rebranded as Bank One Mauritius. This move was followed by the acquisition of a controlling stake in CF Union Bank of Tanzania in 2010, which was subsequently rebranded as I&M Bank Tanzania.

I&M continued in 2012 with the acquisition of a controlling stake in Commercial Bank of Rwanda (BCR), the country’s second-largest commercial bank at the time. This solidified I&M’s presence in the Rwandan market, with BCR rebranding as I&M Bank Rwanda in 2013. I&M additionally had a successful acquisition and integration of Giro Commercial Bank in 2017 strengthening its presence within the Kenyan market.

I&M Bank then established I&M Holdings Limited in 2013. This holding company, publicly listed on the Nairobi Securities Exchange under the symbol “I&M,” oversees all the group’s businesses and subsidiaries. In 2020, I&M Bank unveiled its new headquarters, 1 Park Avenue, situated in Nairobi’s vibrant Parklands neighborhood.

Today, I&M Bank stands tall as a leading financial institution with a robust customer base exceeding 450,000. Its impressive financial standing boasts an asset base of 503 billion Kenyan shillings, with loans and advances amounting to the same figure, and deposits totaling 357 billion Kenyan shillings.

Driven by its “iMara” strategy, I&M Bank is actively expanding its retail footprint across Kenya. The recent opening of eight new branches, with plans for 12 more this year, highlights its commitment to bringing financial services closer to its customers. These branches span the coastal region, Nairobi city, Naivasha, and Tatu City.

I&M Bank caters to a diverse range of financial needs through its comprehensive suite of personal and business banking solutions. For personal banking, I&M offers a variety of transaction and savings accounts, convenient credit, debit, and prepaid cards, and car and home loan options with competitive rates.

Their user-friendly I&M On The Go (OTG) mobile app allows 24/7 account access, transactions, service requests, and secure card management. Additionally, I&M provides access to various insurance products through their bancassurance partnerships.

Read Also : Why Kenyans Prefer To Take Their Paychecks at I&M Bank in 2024

Businesses can benefit from I&M’s transaction accounts, credit and debit card solutions, and various loan and advance products tailored to their specific needs.

The Business Connect platform streamlines financial management by facilitating payment reports, billing information uploads, and efficient collection of fees, rent, subscriptions, utility bills, and invoices. I&M further supports businesses with car and home loans, custodial services, government payments, and local and international transfers.

For those seeking a more personalized experience, I&M offers premium banking services. This includes wealth management solutions like customized investment plans, asset management, retirement income planning, and financial planning. Premium banking clients also benefit from dedicated relationship managers and exclusive debit and credit cards, select banking services, and other lifestyle benefits.

Making transactions is convenient with the i&m bank paybill number 542 542. For any inquiries, you can reach out to the i&m bank customer care through the i&m bank contacts at +254 719 088 000 or +254 20 322 1000.