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Banking

I&M Bank

BY Soko Directory Team · January 25, 2016 10:01 am

History

I&M Bank was founded in 1974 as a financial services company and later converted to a commercial bank.

I&M Bank is a wholly owned subsidiary of I&M Holdings Limited, a publicly quoted company at the Nairobi Securities Exchange (NSE). The bank possesses a rich heritage in banking.  Started in 1974, it evolved from a community financial institution to a publicly listed major regional commercial bank offering a full range of corporate and retail banking services.

From June 2013, I&M Bank shares are publicly traded in the Nairobi Stock Exchange through the acquisition of its entire shareholding by I&M Holdings Ltd, a publicly listed company.

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I&M Bank is a dominant player in the Kenyan market that has been consistently growing, and is innovative in terms of the type and range of products and services it offers.

Two leading European development financial institutions Proparco (French) and DEG (German) own approximately 10.68% of I&M Holdings, the holding company of I&M Bank Ltd. In addition, I&M Bank has a technical support agreement with International Finance Corporation for staff training, product development and risk management. I&M Bank also enjoys medium term foreign currency credit facilities from Proparco, DEG and FMO.

I&M Bank’s international correspondent banks include major multinational banks such as Citibank, HSBC, Standard Chartered Bank, ICICI Bank, Standard Bank of South Africa, ABSA Bank, Barclays Bank, Commerzbank, UBS and BHF Bank.

I&M Bank’s international network includes Bank One Limited (Mauritius), I&M Bank Tanzania Limited and Banque Commerciale du Rwanda.

I&M Group

I&M Bank Limited is also the flagship company of the I&M Group of Companies a leading corporate group in East Africa. The Group has a major presence in Banking and Insurance, Manufacturing and Real Estate. Apart from the Bank, the group also owns GA Insurance Company – popularly known as GA. GA is one of the oldest insurance companies operating in Kenya specialising in all classes of general insurance. Having its parentage from General Accident UK, it was incorporated as Kenyan Insurance Company in 1979. Enjoying its presence over 50 years, GA has earned its standing as one of the reputable insurance companies in Kenya.

I&M Bank also owns 50% of a bank in Mauritius – Bank One Limited an acquisition made jointly with the CIEL group of Mauritius, which is one of the largest and most reputable business groups in Mauritius. Bank One, with its customer base of over 50,000, a branch network of 15 branches in Mauritius, and a staff complement of 225 is a fast growing commercial bank in Mauritius

Vision

To become a company where the best people want to work. The first choice where customers want to do business, and where shareholders are happy with their investment.

Mission

To be partners of growth for all our stakeholders. We will achieve this through:

  • Meeting our Customers’ expectations.
  • Motivating & developing every employee.
  • Enhancing shareholder value.

Culture

“Nurture a culture of fairness to our partners”.
This is with regard to three key relationships:

  • Employee – Employer.
  • Customer – Bank.
  • Shareholders.

Objectives
FOR OUR CUSTOMERS TO SAY WITH PRIDE: MY BANK
OUR STAFF TO SAY WITH A SENSE OF ATTACHMENT AND PRIDE: I WORK FOR I&M BANK
FOR OUR SHAREHOLDERS TO SAY: I OWN I&M BANK SHARES

Strategy

  • Consciously develop an image of an institution genuinely interested in long term relationships – being proactive and responsive to customers’ requirements and expectations.
  • Provide the highest quality of service consistently with warmth and friendliness so that customers genuinely feel comfortable.
  • Offer value for money to our customers in terms of products and services.
  • Be recognized for ethical practices and fully respect rules and regulations.
  • Be recognized as a Company with clear procedures and well developed internal systems to foster an efficient delivery platform for products and services.
  • Be perceived as an Institution, which has fresh ideas and is keeping pace with technology to improve product delivery standards.
  • Be recognized for providing congenial working atmosphere where there is mutual respect for each other.
  • Be an organization, which strives to attract talented professionals through a dynamic human resources policy, which is based on:
    •  having a fair reward policy and career planning.
    •  showing no bias towards race, or religion or ethnic background.
    •  Providing an enabling environment to bring out the best from its most valuable resources.
    •  Interacting and close understanding at all levels.
    •  creating an environment where work is a pleasure, a challenge and not a burden.
    •  being an employer who encourages its employees to enrich standards either through education, training, or other support. The employee feels assured that the employer will standby when really needed.
    •  having good communication to keep staff abreast of the broader picture to make each one a part of the organization and its aspirations. This is also to promote feedback and suggestions to make the organization more efficient and being profitable and a HAPPIER PLACE.

Partners

We value and respect our various national and international partners as they help us manage and grow our business… and yours. They include:

  • GA Life
  • GA Insurance Limited
  • Kenya Bankers Association