I&M Bank (Tanzania)

I&M Bank (Tanzania) Limited
Private
Industry Financial Services
Founded 2002
Headquarters Dar es Salaam, Tanzania
Key people
 Sarit Raja Shah
Chairman
Baseer Mohammed'
Chief Executive Officer
Products Loans, Savings, Checking, Investments, Mortgages
Revenue IncreasePretax:US$2.26 million (TZS:3.81 billion) (2013)
Total assets US$175.5 million (TZS:296.6 billion) (2013)
Number of employees
 100+ (2012)

I&M Bank (Tanzania) Limited is a commercial bank in Tanzania, the second-largest economy in the East African Community. It is licensed by the Bank of Tanzania, the central bank and national banking regulator.[1]

Overview

As of December 2013, the bank was a mid-sized financial institution, providing banking services to individuals and businesses, with emphasis on serving medium to large corporate clients. At that time, the bank's total assets were valued at approximately US$175.5 million (TZS:296.6 billion), with shareholders' equity estimated at US$17.4 million (TZS:29.4 billion).[2]

History

The bank started operations in Tanzania 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 who is the largest shareholder in Precision Air.[3] In September 2010, the bank changed its name from CF Union Bank to I&M Bank (Tanzania) Limited, to reflect the new ownership.[4]

Ownership

I&M Bank (Tanzania) Limited is owned by institutions and one private individuals as detailed in the table below:[5]

I&M Bank (Tanzania) Stock Ownership
Rank Name of OwnerPercentage Ownership
1I&M Bank Group55.03
2PROPARCO of France20.0
3Kibo Fund of Mauritius20.0
4Michael Shirima of Tanzania4.97
5 TOTAL100.0

I&M Bank Group

I&M Bank (Tanzania) Limited is a member of the I&M Bank Group of companies. The Group is a leading financial services provider in East Africa, with an asset base estimated at over US$1.3 billion, as of December 2011. The group has operations in Kenya, Mauritius and Tanzania. The member companies of the Group include following:

Branch Network

As of November 2014, I&M Bank (Tanzania) Limited maintains the following networked branches:[8]

  1. Moshi Branch - Rindi Lane Road, Moshi
  2. Oysterbay Branch - Toure Drive & Ghuba Road, 344 Block F, Oysterbay Area, Dar es Salaam
  3. Maktaba Branch - Maktaba Square, Maktaba Street, Dar es Salaam
  4. Main Branch - Jiwan Hirji Building, Corner of Indira Gandhi Street & Mosque Street, Dar es Salaam
  5. Kariakoo Branch - 21 Livingstone Street, Kariakoo, Dar es Salaam
  6. Arusha Branch - 4 Block R, Falcon Building, Jakaranda Street, Arusha
  7. Quality Centre Branch - Quality Centre Mall, Dar es Salaam
  8. Mwanza Branch - Ekacliff Building, Balewa Street, Isamilo Area, Mwanza.

See also

References

  1. ↑ BOT, . "Directory of Commercial Banks Operating I Tanzania". Bank of Tanzania (BOT). Retrieved 14 November 2014.
  2. ↑ IMBTZ, . (28 March 2014). "Audited 31 December 2013 Financial Report" (PDF). I&M Bank Tanznia (IMBTZ). Retrieved 14 November 2014.
  3. ↑ Corporate News (12 January 2010). "I&M Moves Into Tanzania for A Regional Footprint". Business Daily Africa. Nairobi. Retrieved 30 March 2016.
  4. ↑ "Tanzania: CF Union Bank Changes Name". Tanzania Daily News via AllAfrica.com. Dar es Salaam. 19 September 2010. Retrieved 14 November 2014.
  5. ↑ IMBTZ, . (28 March 2014). "December 2013 Annual Report: Capital Structure And Shareholding" (PDF). I&M Bank Tanzania (IMBTZ). Retrieved 14 November 2014.
  6. ↑ Agola, Edwin (23 September 2010). "I&M Bank With USD1 Billion Acquires CF Union Bank". The Guardian (Tanzania). Dar es Salaam. Retrieved 14 November 2014.
  7. ↑ Business Daily Reporter, and Reuters (25 June 2013). "I&M Bank Targets Regional Mergers". Business Daily Africa (Nairobi). Retrieved 14 November 2014.
  8. ↑ IMBTZ, . "The Branches of I&M Bank Tanzania". I&M Bank Tanzania (IMBTZ).

External links

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