I&M Bank (Tanzania)
Encyclopedia
I&M Bank is a commercial bank
in Tanzania
. , the bank is a small banking institution, providing banking services to individuals and businesses, with emphasis on serving medium to large corporate clients. The bank's total assets were estimated at approximately US$61 million, at the end of 2009.
in 2002 as CF Union Bank, with headquarters in Dar-es-Salaam. By 2010 it operated two branches in Dar-es-Salaam and a third branch in Arusha
. In January that year, the shareholders of CF Union Bank sold the bank to a consortium
headed by I&M Bank Group
. Other investors in the consortium included PROPARCO, the French
Development Agency, Kibo Fund, a private equity firm based in Mauritius
and Michael Shirima, a Tanzanian businessman with major shareholding in Precision Air
. In September 2010, the bank changed its name from CF Union Bank to I&M Bank (Tanzania), to reflect the new ownership.
{| style="font-size:100%;"
|-
| width="100%" align="center" | I&M Bank (Tanzania) Stock Ownership
|- valign="top"
|
{| class="wikitable sortable" style="margin-left:auto;margin-right:auto"
! style="width:2em;" |Rank !!Name of Owner!!Percentage Ownership
|-
|1||I&M Bank Group
||55
|-
|2||PROPARCO of France
||20
|-
|3||Kibo Fund of Mauritius
||20
|-
|4||Michael Shirima of Tanzania
||5
|-
|5|| TOTAL||100.0
|-
|}
of companies. The Group is a leading financial services provider in East Africa
, with an asset base estimated at over US$709 million, as of December 2009. The group has operations in Kenya
, Mauritius
and Tanzania
. The member companies of the Group include:
Commercial bank
After the implementation of the Glass–Steagall Act, the U.S. Congress required that banks engage only in banking activities, whereas investment banks were limited to capital market activities. As the two no longer have to be under separate ownership under U.S...
in Tanzania
Tanzania
The United Republic of Tanzania is a country in East Africa bordered by Kenya and Uganda to the north, Rwanda, Burundi, and the Democratic Republic of the Congo to the west, and Zambia, Malawi, and Mozambique to the south. The country's eastern borders lie on the Indian Ocean.Tanzania is a state...
. , the bank is a small banking institution, providing banking services to individuals and businesses, with emphasis on serving medium to large corporate clients. The bank's total assets were estimated at approximately US$61 million, at the end of 2009.
History
The bank started operations in TanzaniaTanzania
The United Republic of Tanzania is a country in East Africa bordered by Kenya and Uganda to the north, Rwanda, Burundi, and the Democratic Republic of the Congo to the west, and Zambia, Malawi, and Mozambique to the south. The country's eastern borders lie on the Indian Ocean.Tanzania is a state...
in 2002 as CF Union Bank, with headquarters in Dar-es-Salaam. By 2010 it operated two branches in Dar-es-Salaam and a third branch in Arusha
Arusha
Arusha is a city in northern Tanzania. It is the capital of the Arusha Region, which claims a population of 1,288,088, including 281,608 for the Arusha District . Arusha is surrounded by some of Africa's most famous landscapes and national parks...
. In January that year, the shareholders of CF Union Bank sold the bank to a consortium
Consortium
A consortium is an association of two or more individuals, companies, organizations or governments with the objective of participating in a common activity or pooling their resources for achieving a common goal....
headed by I&M Bank Group
I&M Bank Group
I&M Bank Group, is a conglomerate comprising financial services providers and a chain of hospitality companies.-Location:The Group's headquarters are located in Nairobi, Kenya, with subsidiaries in Kenya, Mauritius and Tanzania...
. Other investors in the consortium included PROPARCO, the French
France
The French Republic , The French Republic , The French Republic , (commonly known as France , is a unitary semi-presidential republic in Western Europe with several overseas territories and islands located on other continents and in the Indian, Pacific, and Atlantic oceans. Metropolitan France...
Development Agency, Kibo Fund, a private equity firm based in Mauritius
Mauritius
Mauritius , officially the Republic of Mauritius is an island nation off the southeast coast of the African continent in the southwest Indian Ocean, about east of Madagascar...
and Michael Shirima, a Tanzanian businessman with major shareholding in Precision Air
Precision Air
Precision Air Services Limited, operating as Precision Air, is the largest airline in Tanzania, based in Dar Es Salaam.-Overview:The airline operates scheduled air services for tourists and business traffic between Dar Es Salaam and Fourteen other airports in Tanzania...
. In September 2010, the bank changed its name from CF Union Bank to I&M Bank (Tanzania), to reflect the new ownership.
Ownership
I&M Bank (Tanzania) is owned by institutions and private individuals as detailed in the table below:{| style="font-size:100%;"
|-
| width="100%" align="center" | I&M Bank (Tanzania) Stock Ownership
|- valign="top"
|
{| class="wikitable sortable" style="margin-left:auto;margin-right:auto"
! style="width:2em;" |Rank !!Name of Owner!!Percentage Ownership
|-
|1||I&M Bank Group
I&M Bank Group
I&M Bank Group, is a conglomerate comprising financial services providers and a chain of hospitality companies.-Location:The Group's headquarters are located in Nairobi, Kenya, with subsidiaries in Kenya, Mauritius and Tanzania...
||55
|-
|2||PROPARCO of France
France
The French Republic , The French Republic , The French Republic , (commonly known as France , is a unitary semi-presidential republic in Western Europe with several overseas territories and islands located on other continents and in the Indian, Pacific, and Atlantic oceans. Metropolitan France...
||20
|-
|3||Kibo Fund of Mauritius
Mauritius
Mauritius , officially the Republic of Mauritius is an island nation off the southeast coast of the African continent in the southwest Indian Ocean, about east of Madagascar...
||20
|-
|4||Michael Shirima of Tanzania
Tanzania
The United Republic of Tanzania is a country in East Africa bordered by Kenya and Uganda to the north, Rwanda, Burundi, and the Democratic Republic of the Congo to the west, and Zambia, Malawi, and Mozambique to the south. The country's eastern borders lie on the Indian Ocean.Tanzania is a state...
||5
|-
|5|| TOTAL||100.0
|-
|}
I&M Bank Group
I&M Bank (Tanzania) is a member of the I&M Bank GroupI&M Bank Group
I&M Bank Group, is a conglomerate comprising financial services providers and a chain of hospitality companies.-Location:The Group's headquarters are located in Nairobi, Kenya, with subsidiaries in Kenya, Mauritius and Tanzania...
of companies. The Group is a leading financial services provider in East Africa
East Africa
East Africa or Eastern Africa is the easterly region of the African continent, variably defined by geography or geopolitics. In the UN scheme of geographic regions, 19 territories constitute Eastern Africa:...
, with an asset base estimated at over US$709 million, as of December 2009. The group has operations in Kenya
Kenya
Kenya , officially known as the Republic of Kenya, is a country in East Africa that lies on the equator, with the Indian Ocean to its south-east...
, Mauritius
Mauritius
Mauritius , officially the Republic of Mauritius is an island nation off the southeast coast of the African continent in the southwest Indian Ocean, about east of Madagascar...
and Tanzania
Tanzania
The United Republic of Tanzania is a country in East Africa bordered by Kenya and Uganda to the north, Rwanda, Burundi, and the Democratic Republic of the Congo to the west, and Zambia, Malawi, and Mozambique to the south. The country's eastern borders lie on the Indian Ocean.Tanzania is a state...
. The member companies of the Group include:
- I&M Bank LimitedI&M Bank LimitedI&M Bank Limited, whose complete name is Investment and Mortgage Bank Limited, and is commonly known as I&M Bank, is a commercial bank in Kenya...
- NairobiNairobiNairobi is the capital and largest city of Kenya. The city and its surrounding area also forms the Nairobi County. The name "Nairobi" comes from the Maasai phrase Enkare Nyirobi, which translates to "the place of cool waters". However, it is popularly known as the "Green City in the Sun" and is...
, KenyaKenyaKenya , officially known as the Republic of Kenya, is a country in East Africa that lies on the equator, with the Indian Ocean to its south-east... - The Tamarind Group - A chain of upscale restaurants in major Kenyan cities and towns
- General Accident Insurance (GA Insurance) - Nairobi, Kenya
- Bank One - Port LouisPort Louis-Economy:The economy is dominated by its port, which handles Mauritius' international trade. The port was founded by the French who preferred Port Louis as the City is shielded by the Port Louis/Moka mountain range. It is the largest container handling facility in the Indian Ocean and can...
, MauritiusMauritiusMauritius , officially the Republic of Mauritius is an island nation off the southeast coast of the African continent in the southwest Indian Ocean, about east of Madagascar...
(50% shareholding) - I&M Bank (Tanzania) - Dar-es-Salaam, TanzaniaTanzaniaThe United Republic of Tanzania is a country in East Africa bordered by Kenya and Uganda to the north, Rwanda, Burundi, and the Democratic Republic of the Congo to the west, and Zambia, Malawi, and Mozambique to the south. The country's eastern borders lie on the Indian Ocean.Tanzania is a state...
(Majority shareholding)
Branch Network
As of September 2010, I&M Bank (Tanzania) maintains three networked branches at the following locations:- Main Branch - Dar-es-Salaam
- Second Dar-es-Salaam Branch - Dar-es-Salaam
- Arusha Branch - ArushaArushaArusha is a city in northern Tanzania. It is the capital of the Arusha Region, which claims a population of 1,288,088, including 281,608 for the Arusha District . Arusha is surrounded by some of Africa's most famous landscapes and national parks...