[3] As of September 2019, the bank's total assets were valued in excess of US$2.52 billion (KES: 261 billion), with shareholders' equity of approximately US$424 million (KES: 44 Billion). As of September 2019, the bank was ranked 8th, by total assets, out of the 40 licensed banks in the country, at that time. I&M Bank serves the banking needs of large and small business customers with emphasis on large and medium-sized corporations as well as individuals with emphasis on premium customers[4] I&M also moved to Tier I after takeover of Giro Bank.[5]
History
The bank traces its history to 1974 when Investments & Mortgages Limited was formed as a private company providing personalised financial services to business people in the Nairobi area. In 1980, I&M, as the company was known at that time, was registered as a Financial Institution under the Banking Act. Following changes in the regulations of the Central Bank of Kenya, the banking regulator in the country, I&M became a commercial bank in 1996.
In 2002, a 16-storey glass and steel skyscraper known as the I&M Bank Tower, was opened on Kenyatta Avenue, in Nairobi's central business district. The following year, I&M Bank acquired Biashara Bank of Kenya Limited, expanding I&M's branch network, client base and assets under management.
In 2007 DEG and PROPARCO, two International development financial institutions, invested approximately US$4.5 million to acquire 11.96 percent shareholding in I&M Bank. That shareholding was later increased to 19.7 percent.
In 2008, I&M Bank acquired a 50 percent ownership in First City Bank Limited (FCB) of Mauritius. FCB has since rebranded itself as Bank One Mauritius. In 2010, I&M Bank acquired a controlling shareholding in CF Union Bank of Tanzania. CF Union Bank has since rebranded into I&M Bank (Tanzania).[6]
In July 2012, I&M Bank Group took a controlling interest in Commercial Bank of Rwanda (BCR), the second-largest commercial bank in the country at the time, for an undisclosed sum of money.[7]
In 2013, I&M Bank created I&M Holdings Limited, as the holding company of all the group's businesses and subsidiaries. The holding company's shares of stock are listed and publicly traded on the Nairobi Securities Exchange, under the symbol I&M.[9]
In 2020, 1 Park Avenue was opened as I&M Banks's new headquarter. The building is located at the Junction of 1st Parklands Avenue and Limuru Road in Nairobi.
Acquisition
In September 2015, I&M Holdings began the process of acquiring Giro Commercial Bank and the merging of its business with that of I&M Bank Limited. The process, which required regulatory approval,[10][11] was concluded in February 2017, with Giro Commercial Bank surrendering its banking license and becoming part of I&M Bank Kenya.[12]
Branch network
As of November 2022[update], the bank maintained a network of 40 branches in Kenya, at the following locations. Each branch has an on-site ATM.[13]