I&M Bank Chairman Retires After Serving For 47 Years

By Soko Directory Team / Published April 6, 2021 | 3:31 pm




KEY POINTS

Financial services firm, I&M Bank Limited, has announced the retirement of Mr. Suresh Bhagwanji Raja (SBR) Shah, its Founder, and Chairman since 1974.




Financial services firm, I&M Bank Limited, has announced the retirement of Mr. Suresh Bhagwanji Raja (SBR) Shah, as its Chairman. However, he will continue to remain on the Board as a Non-Executive Director. The Bank has subsequently appointed Mr. Oliver Fowler to serve as the Chairman of the Board effective March 2021.

Founder and Chair since its inception in 1974, Mr. SBR Shah, a seasoned career banker has led the Financial Services provider through its myriad of milestones such as acquisitions: Biashara Bank, Giro Bank, and Youjays Insurance Limited in Kenya. He also oversaw the development of the Bank into a Financial Services Group that provides diverse solutions such as Real-estate, Financial Advisory, and Bancassurance.

In addition, Mr. Shah has driven the steady growth of I&M Bank’s asset base to its current Kshs. 305.08 billion. During this tenure, the Bank has moved from a tier 3 Bank to a tier 1 Bank, has become one of the top profitable banks in the country, and has received various awards including Most Efficient Bank and Best Bank in Internet Banking at the Think Business Banking Awards for several years, as well as the Best Bank in Corporate Governance in East Africa at the annual Banker Africa Awards.

Over the years, I&M Bank Limited, through his stewardship, has focused on a relationship-based approach to banking, helping nurture relationships with some of Kenya’s fastest-growing corporate organizations. The Bank has over the years also diversified to other segments being a key financial services provider for Premium, Young Professionals, and SME clients.

Simultaneous with its network of 40 branches countrywide, the Bank has successfully integrated a formidable suite of alternate banking channel platforms and e-commerce and Card products anchored on its robust Information Technology systems to deliver demand-driven digital banking solutions.

The Bank has over the years continued to remain visible in its shared growth agenda through his leadership and has recently set up the I&M Foundation, to promote strategically best practices in sustainable finance.

Mr. SBR Shah has achieved various accolades key among them being the Moran of the Order of the Burning Spear (MBS) awarded by the former President of Kenya, H.E. Daniel Arap Moi, for his valued contribution in the Kenyan banking sector and the business community.

Commenting on his retirement, Mr. SBR Shah noted, “I take this opportunity to share my gratitude with the Board, Management and staff of I&M Bank for their support in building a solid financial institution that has contributed in shaping the livelihoods of citizens in this country over the years. I take this opportunity to welcome Mr. Oliver Fowler on board and acknowledge his contribution as a Director on the I&M Holdings PLC Board over the years.”

“I have full confidence that he will take the Bank’s vision forward and trust that the Board will continue to provide him will all the necessary support as they have provided to me.” Mr. Shah concluded

Mr. Fowler, who has been on the I&M Holdings PLC Board since August 2015, will take up the mantle and continue to lead the strategic direction for the I&M Bank. He is a qualified Kenyan Advocate and an English Solicitor. He is a consultant at Kaplan & Stratton, Advocates where he was a partner and head of the Commercial Department for many years.

His experience encompasses commercial work, particularly financial, corporate, and taxation matters and he has been extensively involved in project finance, capital markets, banking, and foreign investments sectors.

Mr. Fowler holds an LLB from the University of Bristol and was admitted to the Kenyan High Court in 1979. Additionally, he sits on boards of several companies.

This appointment is also part of a strategic effort by the I&M Group to accelerate I&M Bank Limited’s drive to become Kenya’s leading financial partner for growth through its strategic initiatives such as: driving business growth, building a resilient organization, optimizing processes to improve efficiency and leveraging the I&M Group’s synergies.

Speaking on the occasion of acceptance of his appointment, Mr. Fowler paid a glowing tribute to Mr. SBR Shah, for his outstanding and long service to I&M Bank.

“It has been a remarkable honor to serve on the Board of I&M Holdings PLC since 2015 alongside Mr. Shah. We have benefitted so much from his guidance and counsel and are humbled by his achievements.  We shall push his founding vision forward as we endeavor to be partners of growth for all our stakeholders” Mr. Fowler noted.

Mr. Fowler resigned from his Director’s position on the Board of I&M Holdings PLC upon his appointment to the Board of I&M Bank.





About Soko Directory Team

Soko Directory is a Financial and Markets digital portal that tracks brands, listed firms on the NSE, SMEs and trend setters in the markets eco-system.Find us on Facebook: facebook.com/SokoDirectory and on Twitter: twitter.com/SokoDirectory

View other posts by Soko Directory Team


More Articles From This Author






Trending Stories










Other Related Articles










SOKO DIRECTORY & FINANCIAL GUIDE



ARCHIVES

2021
  • January 2021 (182)
  • February 2021 (227)
  • March 2021 (325)
  • April 2021 (138)
  • 2020
  • January 2020 (272)
  • February 2020 (310)
  • March 2020 (390)
  • April 2020 (321)
  • May 2020 (335)
  • June 2020 (327)
  • July 2020 (334)
  • August 2020 (276)
  • September 2020 (214)
  • October 2020 (233)
  • November 2020 (242)
  • December 2020 (187)
  • 2019
  • January 2019 (253)
  • February 2019 (216)
  • March 2019 (285)
  • April 2019 (254)
  • May 2019 (272)
  • June 2019 (251)
  • July 2019 (338)
  • August 2019 (293)
  • September 2019 (306)
  • October 2019 (313)
  • November 2019 (362)
  • December 2019 (319)
  • 2018
  • January 2018 (291)
  • February 2018 (213)
  • March 2018 (278)
  • April 2018 (225)
  • May 2018 (237)
  • June 2018 (178)
  • July 2018 (256)
  • August 2018 (249)
  • September 2018 (256)
  • October 2018 (287)
  • November 2018 (284)
  • December 2018 (186)
  • 2017
  • January 2017 (183)
  • February 2017 (194)
  • March 2017 (207)
  • April 2017 (104)
  • May 2017 (169)
  • June 2017 (205)
  • July 2017 (190)
  • August 2017 (195)
  • September 2017 (186)
  • October 2017 (235)
  • November 2017 (253)
  • December 2017 (266)
  • 2016
  • January 2016 (165)
  • February 2016 (165)
  • March 2016 (190)
  • April 2016 (143)
  • May 2016 (245)
  • June 2016 (182)
  • July 2016 (271)
  • August 2016 (248)
  • September 2016 (234)
  • October 2016 (191)
  • November 2016 (243)
  • December 2016 (153)
  • 2015
  • January 2015 (1)
  • February 2015 (4)
  • March 2015 (166)
  • April 2015 (108)
  • May 2015 (116)
  • June 2015 (120)
  • July 2015 (148)
  • August 2015 (157)
  • September 2015 (188)
  • October 2015 (169)
  • November 2015 (173)
  • December 2015 (207)
  • 2014
  • March 2014 (2)
  • 2013
  • March 2013 (10)
  • June 2013 (1)
  • 2012
  • March 2012 (7)
  • April 2012 (15)
  • May 2012 (1)
  • July 2012 (1)
  • August 2012 (4)
  • October 2012 (2)
  • November 2012 (2)
  • December 2012 (1)
  • 2011
    2010
    2009
    2008
    2007
    2006
    2005
    2004
    2003
    2002
    2001
    2000
    1999
    1998
    1997
    1996
    1995
    1994
    1993
    1992
    1991
    1990
    1989
    1988
    1987
    1986
    1985
    1984
    1983
    1982
    1981
    1980
    1979
    1978
    1977
    1976
    1975
    1974
    1973
    1972
    1971
    1970
    1969
    1968
    1967
    1966
    1965
    1964
    1963
    1962
    1961
    1960
    1959
    1958
    1957
    1956
    1955
    1954
    1953
    1952
    1951
    1950