I&M Holdings Limited
I&M Holdings Limited is a Kenyan financial-services holding company whose businesses span commercial banking, insurance, investment management and advisory services across East Africa and Mauritius.
Last updated August 31, 2026
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Overview
I&M Holdings Limited, also known as I&M Bank Group, is a Nairobi-based financial-services conglomerate with operations in banking, insurance, fund management and investment advisory services. Its principal operating company is I&M Bank Limited in Kenya, a commercial bank headquartered in the I&M Bank Tower on Kenyatta Avenue in Nairobi’s central business district. The group’s wider network extends across Kenya, Mauritius, Rwanda, Tanzania and Uganda, giving it a presence in several of the East African Community’s principal financial markets as well as in the Indian Ocean island economy of Mauritius. The group traces its corporate history to City Trust Limited, an investment holding company established in 1950. City Trust was among the early companies to list on the Nairobi Securities Exchange. A separate business, Investments & Mortgages Limited, was established in 1974 to provide personalised financial services to business people in the Nairobi area. That business later became I&M Bank and converted into a commercial bank in 1996. Its growth included the 2003 acquisition of Biashara Bank of Kenya, which expanded its branch network, customer base and assets under management. I&M’s regional expansion accelerated during the 2010s. In 2010, the group acquired a controlling interest in CF Union Bank of Tanzania, which subsequently adopted the I&M Bank Tanzania name. In 2012, it acquired a controlling interest in Commercial Bank of Rwanda, then one of Rwanda’s larger commercial banks. The Rwandan subsidiary was rebranded I&M Bank Rwanda in 2013. The group also maintained a 50 percent interest in Bank One Mauritius, with the remaining interest held by CIEL Investments Limited. The present holding-company structure emerged from a reverse takeover completed in June 2013. City Trust acquired I&M Bank through the transaction, changed its name to I&M Holdings, and transferred the bank’s subsidiaries into the holding-company structure. This created a listed parent capable of coordinating the group’s banking and non-banking businesses while leaving I&M Bank as its Kenyan flagship. Further consolidation in Kenya followed the acquisition of Giro Commercial Bank. Announced in 2015 and completed in February 2017 after regulatory processes, the transaction resulted in Giro surrendering its banking licence and its business being integrated into I&M Bank Limited. In 2020, I&M Holdings agreed to acquire 90 percent of Orient Bank in Uganda, subject to regulatory approval. The proposed transaction was intended to establish or strengthen the I&M brand in Uganda. Beyond commercial banking, the group’s businesses include I&M Capital, a fund-management company; GA Insurance, an insurer acquired by the group in 2005; and Burbidge Capital, an investment-advisory firm with offices in Kenya, Uganda and the United Kingdom. The group therefore positions itself as a diversified financial-services platform rather than solely as a retail bank. Its stated and implied customer base includes individuals, small and medium-sized enterprises, commercial customers and medium-sized corporations, with the Kenyan bank historically focused particularly on business and corporate clients. The company is publicly traded on the Nairobi Securities Exchange under the symbol IMHL. As reported for December 2021, the group had total assets of KES 415.2 billion and shareholders’ equity of KES 69.6 billion; these figures are historical and should not be treated as current financial data. Governance is provided by a board of directors, with Daniel Ndonye identified as independent chairman from June 2013 and Sarit Raja-Shah as group executive director from the same period.
History
I&M Holdings developed from two related strands of Kenyan financial history: City Trust Limited and I&M Bank. City Trust was founded in 1950 as an investment holding company and became one of the early companies listed on the Nairobi Securities Exchange. The banking business began separately in 1974 as Investments & Mortgages Limited, a private provider of personalised financial services for business people in Nairobi. It converted into a commercial bank in 1996 and adopted the I&M Bank identity. I&M Bank expanded its Kenyan platform in 2003 by acquiring Biashara Bank of Kenya. The transaction increased its branch presence, customer base and assets under management. The group then pursued regional expansion. In 2010, it took a controlling interest in CF Union Bank of Tanzania, which was rebranded I&M Bank Tanzania in September of that year. In 2012, it acquired a controlling interest in Commercial Bank of Rwanda, reported at the time as Rwanda’s second-largest commercial bank. That institution was renamed I&M Bank Rwanda in 2013. The group also became a shareholder in Bank One Mauritius, holding 50 percent alongside CIEL Investments Limited. A reverse takeover reshaped the corporate structure in 2013. The boards of City Trust and I&M Bank agreed to the transaction, which received shareholder approval and was completed in June. City Trust changed its name to I&M Holdings, while the subsidiaries associated with I&M Bank were unbundled into the new holding-company structure. I&M Bank Limited remained the flagship Kenyan operating bank, and I&M Holdings became the listed parent for a broader group of financial businesses. The group continued consolidating its Kenyan banking operations through the Giro Commercial Bank transaction. I&M Holdings announced the acquisition in September 2015. Following the required regulatory process, the transaction concluded in February 2017. Giro surrendered its banking licence and its operations were absorbed into I&M Bank Limited rather than continuing as a separate bank. I&M Holdings also expanded its non-bank activities. GA Insurance, originally incorporated in 1979 as General Accident Insurance of Kenya, was acquired by the group in 2005 and subsequently operated as GA Insurance Limited. I&M Capital provided fund-management services under a Capital Markets Authority licence, while Burbidge Capital operated as an investment-advisory business with offices in Kenya, Uganda and the United Kingdom. In July 2020, the group signed an agreement to purchase 90 percent of Orient Bank in Uganda. The proposed acquisition required approval from regulators in Uganda and Kenya and was presented as a route to extending the I&M platform in Uganda. The group’s regional structure consequently included banking subsidiaries or interests in Kenya, Tanzania, Rwanda, Uganda and Mauritius. I&M Holdings remains a publicly listed financial-services holding company headquartered in Nairobi. Its brand architecture combines the I&M name used by the principal banking subsidiaries with specialist brands in insurance, fund management and advisory services.
- 2020
Proposed Orient Bank acquisition
[1]I&M Holdings signs an agreement to acquire 90 percent of Orient Bank in Uganda, subject to regulatory approval.
- 2017
Giro Commercial Bank integration
[1]Giro Commercial Bank surrenders its banking licence and its business is incorporated into I&M Bank Limited.
- 2013
Reverse takeover creates I&M Holdings
[1]City Trust completes a reverse takeover of I&M Bank, changes its name to I&M Holdings and establishes the current listed holding-company structure.
- 2013
Regional bank rebranding
[1]Commercial Bank of Rwanda adopts the I&M Bank Rwanda name, while CF Union Bank Tanzania operates as I&M Bank Tanzania.
- 2012
Acquisition of Commercial Bank of Rwanda
[1]I&M acquires a controlling interest in Commercial Bank of Rwanda.
- 2010
Expansion into Tanzania
[1]I&M acquires a controlling interest in CF Union Bank of Tanzania.
- 2005
GA Insurance joins the group
[1]The group acquires General Accident Insurance of Kenya, later operating it under the GA Insurance name.
- 2003
Biashara Bank acquisition
[1]I&M Bank acquires Biashara Bank of Kenya, expanding its network, customer base and assets under management.
- 1996
I&M converts to a commercial bank
[1]Investments & Mortgages Limited transitions into a commercial bank.
- 1974
Investments & Mortgages Limited is established
[1]The business that would become I&M Bank begins as a private provider of personalised financial services to business people in Nairobi.
Products and positioning
A diversified East African financial-services group combining commercial banking with insurance, investment management and advisory capabilities. Its flagship banking business has a strong business and corporate orientation while also serving retail customers.
Commercial banking · 1996
I&M Bank Limited
The group’s flagship Kenyan bank, headquartered in Nairobi. It provides commercial, corporate, business and personal banking services, with a historical emphasis on medium-sized corporations and business customers.
Commercial banking · 2010
I&M Bank Tanzania Limited
The Tanzanian banking subsidiary created after I&M acquired a controlling interest in CF Union Bank of Tanzania in 2010. The bank was rebranded under the I&M name in September 2010.
Commercial banking · 2013
I&M Bank Rwanda Limited
The Rwandan banking subsidiary formed through the acquisition of a controlling interest in Commercial Bank of Rwanda. It adopted the I&M Bank Rwanda name in 2013.
Commercial banking
Bank One Mauritius
A Mauritian banking business in which I&M holds a 50 percent interest. The other half is held by CIEL Investments Limited.
Insurance · 1979
GA Insurance
The group’s insurance business, originally incorporated in 1979 as General Accident Insurance of Kenya and acquired by I&M in 2005. It provides insurance products including healthcare coverage.
Fund management
I&M Capital
A fund-management company in Nairobi operating under a licence from Kenya’s Capital Markets Authority.
Investment advisory
Burbidge Capital
An investment-advisory company associated with the group, with offices in Kenya, Uganda and the United Kingdom.
Brand decisions
2020
Agreement to acquire Orient Bank UgandaM&ABackground
I&M Holdings sought to expand its banking footprint in Uganda through the purchase of a controlling stake in Orient Bank.
Action taken
The group signed an agreement to acquire 90 percent of Orient Bank, subject to regulatory approval in Uganda and Kenya.
Aftermath
The referenced material does not establish the final completion status of the transaction.
2015
Acquisition of Giro Commercial BankM&ABackground
I&M Holdings pursued further consolidation of its Kenyan banking operations and announced the acquisition of Giro Commercial Bank.
Action taken
The group agreed to acquire Giro and merge its business with I&M Bank Kenya, subject to regulatory approval.
Aftermath
The process concluded in February 2017, when Giro surrendered its banking licence and its business became part of I&M Bank Limited.
2013
Reverse takeover of I&M Bank by City TrustM&ABackground
City Trust and I&M Bank sought to combine their corporate and banking structures under a listed holding company.
Action taken
The transaction was approved by shareholders and completed in June 2013. City Trust changed its name to I&M Holdings, and I&M Bank’s subsidiaries were placed under the holding-company structure.
Aftermath
I&M Holdings became the listed parent of the wider group, while I&M Bank Limited continued as the flagship Kenyan bank.
Recent events
- Unconfirmed
I&M Holdings acquisition of Orient Bank is subject to approvals[2]
Reported:
I&M Holdings said its acquisition of Orient Bank was subject to several conditions, including regulatory and corporate approvals and shareholder approval. The article reports the transaction as pending rather than completed.
Sources3 sources
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