I&M Holdings appoints Allan Low as new regional director

KENYA – I&M Holdings has picked Allan Christopher Michael Low as the new Regional Director to replace Vincent De Brouwer who resigned from the company in August 2020. Christopher Low is charged with ensuring effective implementation of I&M Group’s long-term vision and strategy while building, protecting, and enhancing the Group’s brandvalue and visibility across the countries where the Group has a presence. He is a skilled banker having worked in the industry for over thirty years. Christopher has served in numerous executive roles in the Sub Saharan region and across…

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I&M bank and Toyota Kenya ink asset finance deal

KENYA – I&M Bank Limited and Toyota Kenya have entered into an asset financing deal targeting the bank’s premium and business customers, as well as potential customers. The deal will see the bank offer up to 90% financing for Toyota Kenya’s passenger and commercial vehicles including Hino trucks, Hilux single and double cabs, Land cruisers, Prados, Fortuners, Rush and Rav 4 vehicles, among others. The scheme includes purchase of Toyota, Suzuki, Hino, and Yamaha brands. Under the agreement, customers will enjoy competitive interest rates at extended repayment periods of up…

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I&M Bank Rwanda raises US$8.1m in rights issue

RWANDA – I&M Bank Rwanda has raised US$8.1million in the just-concluded rights issue at the Rwanda Stock Exchange. The rights issue closed with an oversubscription of 12 percent at US$0.04 per share. The rights issue was undertaken to secure long-term funding to accelerate investment in technological platforms and bolster the bank’s Tier 1 Capital Adequacy Ratio. Faida Securities Rwanda and I&M Burbidge Capital were the joint lead transaction advisors for the I&M Bank (Rwanda) Plc 2020 rights issue. “Despite the effects of the COVID-19 pandemic, we are proud to partner…

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Private equity firm 8Miles makes its first exit by selling 42% holding in Orient bank

UGANDA – 8 Miles, a Pan-African private equity firm, has agreed to sell its entire 42% holding in Orient Bank, a mid-tier commercial bank in Uganda, to I&M Holdings, a conglomerate comprising banks, an insurance company and investment advisory businesses. Upon completion of the transaction, it will be the first exit from 8 Miles Fund I and I&M Holdings will own 90% stake, whereas the remaining 10% shareholding will be held by Ketan Morjaria (a founding member of Orient Bank) and Alemayehu Fisseha. The transaction is subject to conditions including…

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I&M Holdings unit acquires Uganda’s Nova Insurance Company

KENYA – I&M Holdings unit, GA insurance has acquired 100% of Nova Insurance Company from Uganda. This is part of GA’s insurance plan to expand across East Africa. The firm already has operations in Kenya and Tanzania. The acquisition will see GA join more than 25 companies driving up insurance sector penetration in East Africa. According to the Financial Sector Deepening report, insurance penetration is about 1% in Uganda. GA Insurance has received the regulator’s approval to fully acquire Nova Insurance they are ready to start operations. The GA Insurance…

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I&M Bank reports a 17 percent growth in its half-year results for 2019

KENYA-Financial Services provider, I&M bank has posted a 17 percent increase in its profits after tax for the first half of 2019. The banks’ profits increased to $43.45 million from $37.66 million recorded during the same period last year. During the announcement of results, Daniel Ndonye, the I&M Holdings Chairman attributed the impressive performance to the Bank’s sustained efforts towards achieving its sustainable growth anchored corporate strategy. “The Group continued to deliver market-driven financial solutions for its customers, sustained efforts in raising customer service delivery standards, improved internal controls and…

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Financial group I&M Holdings invests US$180m in Kenyan unit

KENYA – I&M Holdings, a conglomerate comprising financial service providers, says it has invested an additional US$180 million (Sh1.8 billion) in its fully-owned Kenyan subsidiary whose operations expanded following the acquisition of Giro Commercial Bank. The Nairobi Securities Exchange-listed firm made the additional investment in I&M Bank Limited — its largest operating unit — in the year ended December according to disclosures in its latest annual report. The capital injection saw its cumulative investment in the subsidiary, which in turn owns I&M Insurance Limited, I&M Bank Tanzania Limited and Youjays…

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