Archives: Press Releases & Announcements

Multi-Million Dollar Debt Financing Transaction from Proparco to Kenya Nut Company Limited

Nairobi, 6th August 2020: I&M Burbidge Capital is pleased to announce that it has advised on the Debt Financing Transaction by Proparco to Kenya Nut Company Limited, popular for its various brands; Out of Africa, Nutfields, Morendat, and Leleshwa. The transaction is the first of a two-phased disbursement plan.

Kenya Nut is celebrating just under 50 years of operation, is one of the leading macadamia nut processors in East Africa, renowned for its high quality macadamia and cashew nuts. It has won various prestigious awards including a double Gold medal award from the International Michelangelo Wine & Spirits Awards for two years in a row, in 2016 and 2017.

Proparco is a subsidiary of Agence Française de Développement (AFD) focused on private sector development. It has been promoting sustainable economic, social and environmental development practices for the past 40 years. Proparco provides funding and support to both businesses and financial institutions across Africa, Asia, Latin America and the Middle-East.

I&M Burbidge Capital advised Kenya Nut on all fronts of the transaction, including structuring, sourcing financing from the market, evaluation of offers that were received and managing various deal complexities.

…. Ends…

About I&M Burbidge Capital

I&M Burbidge Capital Limited is a corporate finance advisory firm regulated by the Capital Markets Authority (CMA) creating long-term advisory relationships & solutions across Sub- Saharan Africa with a specific focus on the East African region. I&M Burbidge Capital specializes in advising businesses in the region on significant capital raising through IPOs, private equity, debt and Mergers & Acquisition transactions and mainly focus on mid & large sized companies with typical transaction size of $5 million – $300 million.

For more information, contact:

Edward Burbidge
Chief Executive Officer
I&M Burbidge Capital Limited
Tel: +254 (0)20 322 1160
Email: [email protected]

Press Release

I&M Bank Foundation Partners with Kenya Community Development Foundation on building Sustainable Environments

Nairobi, 22nd July 2020: The I&M Bank Foundation and the Kenya Community Development Foundation have signed a partnership on environmental conservation.

The partnership will look to inculcate the culture and practice of environmental awareness and conservation amongst children and the youth in 172 learning institutions (primary, secondary and vocational) in 4 sub-counties in Narok and Kilifi counties.

The 3-year conservation programme endeavours to help counter the current environmental degradation and effects of climate change; by restoring the environment through tree planting, adoption of clean energy including use of energy-saving Jikos, solar for lighting, and sustainable waste management which includes investment in waste collection points and use of bio-gas, while nurturing a generation of future environmentalists.

Kilifi and Narok county development plans for 2018-2022, recognize charcoal burning, soil erosion, land degradation and climate change, as the most daunting environmental challenges. The two counties also appreciate that clean energy reduces health problems, reduces dependency on forest trees and increases hours of studies for school-going children. KCDF and I&M Bank Foundation will plug into the counties’ development plans to help them achieve their environmental conservation goals.

The partnership with KCDF, which comprises of an investment of over Kshs. 50 million from the Bank’s Foundation in the next three years, is expected to benefit over 5,000 households in the two counties. The interventions will target water catchment communities, where these children and youth come from, ensuring that environmental conservation practices are entrenched in them and their communities as a way of life.

The rollout will be implemented through targeted learning institutions (primary, secondary and vocational) and areas around religious institutions, markets among others. Key activities that will be conducted under this programme include: tree planting exercises, training on solar energy, use of energy saving jikos within tertiary institutions and secondary schools, training on water harvesting and waste management, use of clean energy in learning institutions such as bio gas among other activities.

Commenting on the development, Sarit Raja-Shah, Trustee, I&M Bank Foundation noted, “At the Foundation, we have identified the challenges undermining efforts in protecting and restoring natural and sustainable environments in the country. We realise and appreciate that sustainable environments play a critical role in achieving the country’s economic growth plans, therefore we have set up inclusive and measurable programmes and interventions to address these challenges.”

“The partnership with our able partners KCDF, that we are rolling out today, aimed at benefitting children and the youth in Narok and Kilifi counties, perfectly aligns with the Bank’s Foundation’s initiatives on environmental conservation; and I believe that this will help nurture a generation of passionate environmentalists for generations to come,” he added Key initiatives that the I&M Group has focused on in promoting environmental conservation through the I&M Bank Foundation include: embedding environmental protection practices into the Bank operations, influencing our clients, business partners and suppliers to adopt progressive environmental commitments.

Additional activities include tree planting, clean up days, adoption of environmental friendly initiatives like water-harvesting, embracing use of renewable energy, water conservation where our employees and customers participate actively.

The Chairperson of KCDF, Mrs Eunice Mathu in the signing ceremony, praised I&M Bank Foundation for their very forward looking approach, by agreeing to enter into a longer term arrangement, which will provide the space and engagement to see the desired practices take root in the target schools and communities. More important is the fact that the collaboration targets a critical segment of our population, i.e., children and youth who make over 70 % of our national population, and are a primary group going forward in ensuring environmental conservation is fully integrated as a way of life among generations to come.

Speaking during the signing ceremony, Kihara Maina, Trustee at the I&M Bank Foundation also noted that the Bank would carefully monitor the implementation of the programme to ensure that its success comes to fruition.

“To ensure that the programme’s implementation runs seamlessly, the I&M Bank Foundation will provide resources to implement the program; the I&M Bank staff members will join the community and schools in scheduled events like tree-planting drives, national environment days, and county engagement forums; they will also volunteer expertise, skills and time in the capacity building of communities and schools in financial literacy,” he concluded …….

Ends…….

Notes to the editor

About I&M Bank Foundation

The I&M Bank Foundation spearheads the Shared Value Agenda for I&M Bank to deliver positive impact to society and is charged with the responsibility of delivering social investment programs. The Foundation focuses on key strategic thematic areas namely: Environmental conservation, where we preserve, protect, and restore the environment and promote sustainable use of ecosystems; Education and skills development, where we enhance education outcomes that ensures inclusive and equitable quality education, self-reliance, and gainful livelihoods for Kenyans; Economic empowerment, where we promote sustainable economic growth, productive employment, and decent work for Micro, Small and Medium enterprises (MSMEs); and Enabling giving, where we strengthen partnerships for sustainable community development.

About I&M Bank (www.imbank.com )

I&M Bank is a leading commercial bank headquartered in Kenya, with a growing regional presence currently extending to Mauritius, Tanzania and Rwanda. Since its inception in 1974, the Bank has evolved from a community financial institution to a publicly listed Kenyan-based regional commercial bank offering a full range of Corporate, Business, Premium Client and Personal banking services. I&M Bank is wholly owned by I&M Holdings PLC which is listed on the Nairobi Stock Exchange. CDC Group PLC owns approximately 10.68% of I&M Holdings PLC. I&M prides itself on its strong values and key strengths of innovative service and strong customer relationships and through these pillars, I&M Bank aspires to be the banking powerhouse in East Africa for middle to large and premium clients through provision of innovative and market driven banking solutions for its target segments. For more information visit www.imbank.com. For further information, contact: Christine Aludo James Gatere Senior Manager, Marketing Head, I&M Bank Foundation [email protected] [email protected] + 254 719088205 + 254 719088866

Press Release

I&M Bank Foundation partners with Shamas Rugby Foundation on Life Skills Education for Children

Nairobi, 8th February 2020: I&M Bank Foundation and Shamas Rugby
Foundation have partnered to spearhead initiatives on life skills education for
underprivileged children living in informal settlements.

The partnership dubbed the ‘Take Control programme’ seeks to target over
5,000 children (ages 10 to 15) in Kibera, Mathare, Kangemi, Eastlands,
Korogocho and Ruiru.

The Take Control programme, funded by a Kshs 17 million grant from I&M Bank Foundation, will be implemented through training camps, seminars and
workshops that will run for a period of 3 years. In addition, I&M Bank staff
members will provide mentorship programmes for the youth benefitting from the Take Control initiative.

Shamas Rugby Foundation uses Rugby to promote the holistic development of
underprivileged children and youth in urban slums and rural areas in Kenya,
through life skills, education and employability programs.

Commenting on the partnership, Sarit Raja Shah, Trustee, I&M Bank Foundation noted, “At the Foundation, through the Education and Skills Development pillar, we have identified initiatives aimed at enhancing quality education and skills development amongst financially constrained youth.”

“Education access and skills development as outlined in the UN’s SDG 4, looks to ensure inclusive and equitable quality education, as well as promote life-long learning opportunities for all. We are therefore happy to partner with Shamas Rugby Foundation today, to roll out the Take Control Programme, as this will help mould our youth to be agents of change in our country’s socio-economic development agenda.” he added.

Key initiatives that I&M Bank Foundation has focused on in promoting quality
education for the vulnerable in society include: education scholarships for bright but needy students, education infrastructure developments and refurbishments and life skills development initiatives.

The Founder, Shamas Rugby Foundation, Mr. Azim Deen, noted that “The
support we will receive from I&M Bank Foundation will have a tremendous
impact on the girls and boys involved in Take Control as they go through their
school life and teenage years.”

“The holistic approach of this programme will allow many to blossom into
confident adults who are able to make informed decisions about critical areas in their life and thrive in society.”

Speaking at the partnership’s launch, Kihara Maina, Trustee at I&M Bank
Foundation, noted, “The partnership with Shamas Rugby Foundation perfectly
aligns with our mandate in education and skills development. I believe by
empowering our youth through life skills development, we are able to build
character, resilience, learning and strong value systems, which will in turn help them to better understand themselves and interact with others and make better life decisions.”

“To ensure that the programme’s implementation runs seamlessly, I&M Bank
Foundation will provide resources to implement the programme and will closely monitor its progress to ensure that the investment brings value to our partners.” he concluded.

…… Ends……

Notes to the editor

About I&M Bank Foundation

The I&M Bank Foundation spearheads the Shared Value Agenda for I&M Bank to deliver positive impact to society and is charged with the responsibility of
delivering social investment programs. The Foundation focuses on key strategic thematic areas namely: Environmental conservation, where we preserve, protect, and restore the environment and promote sustainable use of ecosystems; Education and skills development, where we enhance education outcomes that ensures inclusive and equitable quality education, self-reliance, and gainful livelihoods for Kenyans; Economic empowerment, where we promote sustainable economic growth, productive employment, and decent work for Micro, Small and Medium enterprises (MSMEs); and Enabling giving, where we strengthen partnerships for sustainable community development.

For further information, contact:
Suprio Sen Gupta
GM, Products and Marketing Head,
[email protected]
+ 254 719088205

James Gatere
Head I&M Bank Foundation
[email protected]
+ 254 719088866

About Shamas Rugby Foundation

Shamas Rugby Foundation (SRF) is a sport for development organization that
uses rugby to promote the holistic development of underprivileged children and youth in Kenya. SRFs' programs focus on life skills, education, employability, and community engagement. In doing so, SRF supports the attainment of child rights, and the UN Sustainable Development Goals. Today, SRF works with over 1'500 boys and girls (ages 6-18) living in the informal settlements of Kibera, Mathare, Eastlands, Kangemi, Korogocho, and Ruiru area.

Press Release

I&M Bank Foundation partners with Shamas Rugby Foundation on Life Skills Education for Children

Nairobi, 8th February 2020: I&M Bank Foundation and Shamas Rugby
Foundation have partnered to spearhead initiatives on life skills education for
underprivileged children living in informal settlements.

The partnership dubbed the ‘Take Control programme’ seeks to target over
5,000 children (ages 10 to 15) in Kibera, Mathare, Kangemi, Eastlands,
Korogocho and Ruiru.

The Take Control programme, funded by a Kshs 17 million grant from I&M Bank Foundation, will be implemented through training camps, seminars and
workshops that will run for a period of 3 years. In addition, I&M Bank staff
members will provide mentorship programmes for the youth benefitting from the Take Control initiative.

Shamas Rugby Foundation uses Rugby to promote the holistic development of
underprivileged children and youth in urban slums and rural areas in Kenya,
through life skills, education and employability programs.

Commenting on the partnership, Sarit Raja Shah, Trustee, I&M Bank Foundation noted, “At the Foundation, through the Education and Skills Development pillar, we have identified initiatives aimed at enhancing quality education and skills development amongst financially constrained youth.”

“Education access and skills development as outlined in the UN’s SDG 4, looks to ensure inclusive and equitable quality education, as well as promote life-long learning opportunities for all. We are therefore happy to partner with Shamas Rugby Foundation today, to roll out the Take Control Programme, as this will help mould our youth to be agents of change in our country’s socio-economic development agenda.” he added.

Key initiatives that I&M Bank Foundation has focused on in promoting quality
education for the vulnerable in society include: education scholarships for bright but needy students, education infrastructure developments and refurbishments and life skills development initiatives.

The Founder, Shamas Rugby Foundation, Mr. Azim Deen, noted that “The
support we will receive from I&M Bank Foundation will have a tremendous
impact on the girls and boys involved in Take Control as they go through their
school life and teenage years.”

“The holistic approach of this programme will allow many to blossom into
confident adults who are able to make informed decisions about critical areas in their life and thrive in society.”

Speaking at the partnership’s launch, Kihara Maina, Trustee at I&M Bank
Foundation, noted, “The partnership with Shamas Rugby Foundation perfectly
aligns with our mandate in education and skills development. I believe by
empowering our youth through life skills development, we are able to build
character, resilience, learning and strong value systems, which will in turn help them to better understand themselves and interact with others and make better life decisions.”

“To ensure that the programme’s implementation runs seamlessly, I&M Bank
Foundation will provide resources to implement the programme and will closely monitor its progress to ensure that the investment brings value to our partners.” he concluded.

…… Ends……

Notes to the editor

About I&M Bank Foundation

The I&M Bank Foundation spearheads the Shared Value Agenda for I&M Bank to deliver positive impact to society and is charged with the responsibility of
delivering social investment programs. The Foundation focuses on key strategic thematic areas namely: Environmental conservation, where we preserve, protect, and restore the environment and promote sustainable use of ecosystems; Education and skills development, where we enhance education outcomes that ensures inclusive and equitable quality education, self-reliance, and gainful livelihoods for Kenyans; Economic empowerment, where we promote sustainable economic growth, productive employment, and decent work for Micro, Small and Medium enterprises (MSMEs); and Enabling giving, where we strengthen partnerships for sustainable community development.

For further information, contact:
Suprio Sen Gupta
GM, Products and Marketing Head,
[email protected]
+ 254 719088205

James Gatere
Head I&M Bank Foundation
[email protected]
+ 254 719088866

About Shamas Rugby Foundation

Shamas Rugby Foundation (SRF) is a sport for development organization that
uses rugby to promote the holistic development of underprivileged children and youth in Kenya. SRFs' programs focus on life skills, education, employability, and community engagement. In doing so, SRF supports the attainment of child rights, and the UN Sustainable Development Goals. Today, SRF works with over 1'500 boys and girls (ages 6-18) living in the informal settlements of Kibera, Mathare, Eastlands, Kangemi, Korogocho, and Ruiru area.

PRESS RELEASE

I&M Bank Foundation Partners with Strathmore University to Provide Education Scholarships

Nairobi, 4th February 2020: I&M Bank Limited through its Foundation has today enhanced its partnership with Strathmore University to provide additional education scholarships for 15 bright but needy students, admitted for Undergraduate degree programmes in Law, Commerce, Financial Engineering, Financial Economics, Actuarial Science, Informatics and Computer Science, and Communications.

The Bank has over the years spearheaded various initiatives to help promote quality education, through partnerships with organizations that support education requirements for needy but bright students across the country. These initiatives include scholarships, education infrastructural developments and refurbishments.

The scholarship programme with Strathmore University is one such initiative and will benefit scholars who attained a Grade of B plus and above in their Kenya Certificate of Secondary Education (KCSE) exams; and have received admission to Strathmore University.

The scholarship fund will comprise of Tuition and Accommodation fees totaling to over Kshs. 29 million. Over and above the scholarships, the Foundation will provide internships at the Bank through the Management Trainee programme. The Bank’s staff members will in addition provide peer to peer mentorship programmes for the scholarship’s beneficiaries.

The I&M Bank Scholarship Fund with Strathmore University was set up in 2010 with its first cohort of 10 students coming from disadvantaged backgrounds. The fund was set up to create more opportunities at the Strathmore Institute of Mathematics and Sciences, to offer degree programs in Actuarial Sciences, Finance and Financial Economics geared towards building capacity in the financial sector. So far, 20 scholars have benefited from this partnership.

Speaking at the launch of the 2020 cohort, I&M Bank Foundation’s Chairman Mr. Suresh B.R. Shah noted, “Reflective of I&M Bank’s commitment to sustainable financing, the Bank through the I&M Bank Foundation endeavors to improve the quality of life in our society; and by forming partnerships with like-minded institutions like Strathmore University, to benefit more bright but needy scholars, we are able to push our shared growth agenda in impacting the society beyond expectations.”

“We are proud to note that beneficiaries of this scholarship fund have continued to make significant impact in society; and have ventured into various careers spanning from academia, actuarial science, banking, public relations, audit, journalism, risk management and entrepreneurship. I believe that this young academically gifted cohort of the 2020 beneficiaries will be empowered to be transformative leaders; through the scholarship programme allowing them to also impact the society in one way or another at an individual level,” he added.

“For this year’s theme, the University is spearheading one of its most cherished values since its inception; ethical practice. We’re calling it the year of “Ethical Behavior: Do good, Be more, Fight Corruption.” We will seek to ensure that the 15 scholars not only get a well-rounded education, but will also be inculcated with values of the pursuit of common good above personal good, and service above material wealth.” said the Vice Chancellor Designate, Dr. Vincent Ogutu.

“Currently, Strathmore University has 22 partners in student financing who are committed to ensuring that the young generation get an opportunity to fulfil their dreams. Over the last four years, the number of students benefitting from scholarships and loans increased from 12.3% to 21.9%. Our global outlook has seen our support extend to students from the Democratic Republic of Congo, Liberia, Mozambique and Zimbabwe.” He added.

Mr. Kihara Maina, CEO and I&M Bank Limited and Trustee of the I&M Bank Foundation, reiterated, “Education access as outlined on SDG 4, looks to ensure inclusive and equitable quality education, as well as promote lifelong learning opportunities for all. I&M Bank’s shared value agenda through the Foundation and its corporate strategy’s objective of delivering positive impact to society, aligns with SDG 4 and looks to give opportunities to needy but bright students; molding them into agents of change for our country’s socio-economic development agenda.”

“The Bank will continue to provide the necessary support in the implementation of the scholarship fund throughout the course of the degree programmes, to ensure that all requirements are met through effective monitoring of progress,” he concluded.

The I&M Bank Scholarship Fund for Strathmore University follows a rigorous selection process that includes admission to Strathmore University, interviews for guardians, parents and beneficiaries and home visits to ascertain that these students meet the criteria. Interested applicants for the I&M Bank Foundation scholarships will be encouraged to fill in the forms at Strathmore University.

……Ends….

Notes to the editor

About I&M Bank Foundation

The I&M Bank Foundation is the corporate social responsibility arm of I&M Bank set up to deliver positive impact to society; and charged with the responsibility of delivering social investment programs. The Foundation focuses on key strategic thematic areas namely: Environmental conservation, where we reduce direct and indirect negative environmental impact; Education and skills development, where we enhance the education outcomes that lead to future jobs; Economic empowerment, where we enlarge the capabilities of Micro, Small and Medium Entrepreneurs; and Enabling giving, where we strengthen partnerships for sustainable development.

For more information visit: www.imbank.com.

About I&M Bank Limited

I&M Bank is a leading commercial bank headquartered in Kenya, with a growing regional presence currently extending to Mauritius, Tanzania and Rwanda. The Bank is a publicly listed Kenyan-based regional commercial bank offering a full range of Corporate, Business, Premium Client and Personal banking services.

I&M Bank is wholly owned by I&M Holdings PLC which is listed on the Nairobi Stock Exchange. CDC Group PLC owns approximately 10.68% of I&M Holdings PLC. I&M prides itself on its strong values and key strengths of innovative service and strong customer relationships and through these pillars, I&M Bank aspires to be the banking powerhouse in East Africa for middle to large and premium clients through provision of innovative and market-driven banking solutions for its target segments.

For more information visit: www.imbank.com.

About Strathmore University

Strathmore seeks to become a leading outcome-driven entrepreneurial research university by translating our excellence into a major contribution to culture, economic well-being and quality of life. Strathmore aims at providing all-round quality education in an atmosphere of freedom and responsibility excellence in teaching, research, ethical and social development and service to the society. https://www.strathmore.edu/

Press Release

I&M Holdings PLC Profit After Tax Up by 17%

28/08: Regional Financial services Group, I&M Holdings PLC has announced a 17% after tax profit growth for its 2019 half year financial results up from Kshs 3.9 billion to Kshs.4.5 billion.

The Group’s lending book recorded a growth of 6% compared to June 2019, to close at Kshs 172.1 billion up from Kshs 162.8 billion for the similar period last year. On the other hand, customer deposits recorded a 12% growth from Kshs 210.9 billion in June 2018 to close at Kshs 237.2 billion as at June 2019.

On account of increased allowances for loan losses, the net Non-Performing Assets (NPAs) recorded a decline of 28% to Kshs 9.2billion.

The Group’s Total Assets recorded an impressive growth to Kshs 317 billion up from Kshs 283 billion reflecting 12% growth bolstered largely by customer deposits growth.

Net interest income recorded a marginal growth of 2% to Kshs 7.02 billion up from Kshs 6.86 billion in June 2018 attributed to increased focus on growing quality interest earning assets.

The Group’s total Non-Interest Income recorded steady improvement up from Kshs 3.7 billion to Kshs 4.5 billion attributed to increased fees and commissions from transactional accounts, card products and online banking as well as Trade Finance.

Commenting on the financials, Daniel Ndonye, I&M Holdings PLC Chairman noted that the Group has sustained its efforts in achieving its Corporate Strategy’s objectives which is anchored on enabling the growth of a deeply customer-focused organisation responsive to the changing dynamics of the financial sector.

During the period under review, the Group successfully upgraded its core banking system to Finacle 10, a major step in increasing operational efficiencies and enhancing delivery standards, while providing a platform to develop more technology driven financial solutions.

“The Group continued to deliver market driven financial solutions for its customers, sustained efforts in raising Customer Service delivery standards, improved internal controls and ramped up efforts in its digital transformation journey to achieve this set of results,” he added.

“Going forward, the Group remains optimistic about its prospects for the second half of 2019. With the continued focus on customer centricity, supported by increased rigour towards digitization and highest service delivery standards, there is no doubt that the Bank will continue in its steady growth path,” Ndonye concluded.

….Ends….

NOTES TO THE EDITOR

About I&M Bank Limited I&M Bank is a leading commercial bank headquartered in Kenya, with a growing regional presence currently extending to Mauritius, Tanzania and Rwanda. Since its inception in 1974, the Bank has evolved from a community financial institution to a publicly listed Kenyan-based regional commercial bank offering a full range of Corporate, Business, Premium Client and Personal banking services.

I&M Bank is wholly owned by I&M Holdings PLC which is listed on the Nairobi Stock Exchange. CDC Group PLC owns approximately 10.68% of I&M Holdings PLC. I&M prides itself on its strong values and key strengths of innovative service and strong customer relationships and through these pillars, I&M Bank aspires to be the banking powerhouse in East Africa for middle to large and premium clients through provision of innovative and market driven banking solutions for its target segments.

For more information visit www.imbank.com.