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Press Release ** I&M Holdings PLC Quarter 1 2019 Profit After Tax jumps by 30% ** 28/05: Banking services Group, I&M Holdings PLC has announced a 30% after tax profit growth for its 2019 Quarter 1 financial results. The Group with operations in Kenya, Mauritius, Rwanda and Tanzania was able to navigate through a challenging operating environment to post a Kshs 2.4 billion profit up from Kshs 1.8 billion posted in March 2018. The Group’s lending recorded a modest growth of 11% compared to March 2018, of Kshs 168.9 billion up from Kshs 152.7 billion of the similar period last year. The Group mobilised deposits across various customer segments, with a steady growth from Kshs 171.7 billion in March 2018 to close at Kshs 221.2 billion denoting an increase of 29%. The Gross Non-Performing Assets (NPAs) recorded a slight increase of Kshs 23.7 billion up from Kshs 22.4 billion of the similar period last year, highlighting increased lending risk in the various industries such as Manufacturing, Real Estate, Building and Construction that the Bank finances. Despite the marginal increase on NPAs, the Group has been able to reduce on its loan loss provisions, owed to increased loan recoveries and strong work outs. The Group has over time tightened its internal policies and controls to ensure losses from the NPAs are minimized, and also increased its focus on customer’s satisfaction by meeting clients’ needs in a timely manner. This includes supporting our clients with NPAs. The Group’s Total Assets recorded an impressive growth to Kshs 299.6 billion up from Kshs 246.3 billion. The net interest income increased marginally from Kshs. 3.27 billion to Kshs. 3.34 billion owed to significant growth in interest income. The Group’s total interest income recorded a modest growth of 9% to Kshs 6.1 billion compared to Kshs 5.6 billion recorded in a similar period last year. The Group recorded significant improvement in its non-funded income bolstered by its investment in its card products and alternate banking channels that has led to diversified revenue streams. Commenting on the financial results, Daniel Ndonye, I&M Holdings PLC Chairman, noted, “The Group has continued to take advantage of opportunities presented by the operating environment to record a steady growth trajectory on its business performance. The performance is as a result of a sustained five year strategy, which is anchored on enabling the growth of a deeply customer-focused organisation responsive to the changing dynamics of the financial sector. The Group’s regional bank operations subsidiaries supported the overall performance, contributing 20 % of the overall profit before tax.” “During the quarter under review, the Group, benchmarking on its corporate strategy, continued to invest in robust technology-based financial solutions focused on enhancing the customer journey, by providing convenient access to a host of products and services. Key to note was the revamp of the mobile banking platform, which is one of the Bank’s interventions in digitizing its business.” Ndonye added “In addition, the Group upgraded its core-banking system in its endeavour to increase operational efficiencies to enhance delivery standards, while providing a platform to develop more technology savvy financial solutions for its customers.” Ndonye concluded. In its endeavour to establish a one-stop centre for all financial solutions, the Group’s flagship subsidiary, I&M Bank, Kenya during the quarter under review continued to roll out market driven solutions. Key to note were strategic partnerships aimed at growing the Bank’s interest income portfolio such as the partnership with MHH International, to provide upto 80 percent Asset Financing for customers to safely and conveniently import high end vehicles from the UK, Australia and Japan. MHH International is a UK based company, with an agent and office in Nairobi, involved in the business of sourcing and shipping of high range motor vehicles from UK, Australia and Japan. In addition, I&M Bank, Kenya launched the Medical Equipment Financing product, a tailormade financing solution for health care service providers which covers a range of equipment such as: X-rays, Dialysis, Theatre, Intensive Care Unit, Ultrasound Machines, Radiology, Sterilisation, and Laboratory among others. They will also benefit from an All Risk insurance cover for the financed equipment at a discounted premium through I&M Insurance Agency Ltd. The Bank will further provide competitive rates under insurance premium financing (IPF) for this Asset Financing option, aimed at easing the burden to make lump sum insurance premium payments in convenient monthly instalments. In line with the Group’s sustained efforts on strong Corporate Governance, I&M Bank, Kenya during the quarter under review, appointed two new directors, with an objective of further strengthening the Board Structure. The new directors namely Mr. Nikhil Hira and Mr. Muchemi Wambugu bring on board vast wealth of experience and knowledge, which has complemented the Board’s mandate to provide strategic direction on the Bank’s operations. Mr. Hira, a Director at Bowman and former partner of Deloitte East Africa, joined the board in February 2019. Mr. Wambugu is a Management Consultant and founder of Sirius Consult and joined the Board in February 2019. The appointment followed after retirement of two long serving directors namely Mr. Eric Kimani and Mr. Mugo Kibati who served on the board since May 2005 and December 2008 respectively. Going forward, the prospects are bright and I&M Holdings PLC expects to continue to deliver to the market a wider portfolio of solutions to foster a stronger set of Financial results for the next quarter. ….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.

In Nairobi
Neha Sud
Phone: +254
Email: [email protected]

I&M Bank Rwanda
Fiona Kamikazi
Phone : +250788319136
Email : [email protected]

IFC Invests in I&M Bank (Rwanda) to Support SME Lending in Rwanda

Kigali, Rwanda, 6th June 2018 - IFC, a member of the World Bank Group, announced an investment of a $10 million subordinated loan to I&M Bank (Rwanda) to strengthen the Bank’s capital base and support lending to small and medium enterprises which will promote job creation in Rwanda.

The investment will focus on smaller SMEs operating in the tourism, agriculture, trade and commerce sectors which are the main drivers of economic growth in Rwanda. Services account for 50.8 percent while agriculture generates 31.5 percent of the country’s gross domestic product.

I&M Bank, the oldest financial institution in Rwanda, is one of the top three commercial banks in the country. By promoting increased access to finance for underserved SMEs, I&M Bank is supporting the Government of Rwanda’s Vision 2020, which aims to transform the country into a knowledge based, middle-income country and a technology and finance hub for the region.

“We are delighted with the continued partnership between IFC and I&M Bank. We have built a solid SME portfolio and through quarterly Financial Skills' Workshops offered to clients to develop their capacity, we have seen businesses grow from SME to Corporate profiles. This new line will make it possible to explore new and evolving sectors like tourism, energy and agri-business while continuing to have a considerable influence on existing businesses”, Said Robin Bairstow Chief Executive Officer of I&M Bank Rwanda

SMEs account for 98 percent of all businesses in Rwanda and contribute about 55 percent of the total gross domestic product. However, 79 percent of SMEs in Rwanda lack sufficient access to finance leading to an estimated $1.2 billion finance gap. This loan is aligned with IFC’s strategy for Rwanda which promotes access to finance for SMEs and other underserved market segments.

Oumar Seydi, IFC Regional Director for Africa, said “Expanding SME financing, especially in developing economies where risks are higher is an important pillar of IFC’s strategy in Africa. This facility will allow I&M Bank to reach underserved SMEs in Rwanda and have a significant impact on growth.”

SMEs are a source of growth, jobs and innovation, and create economic dynamism in countries where they can thrive. In Sub-Saharan Africa, where it is estimated that 350 million new jobs will be needed in the next 20 years, they account for 30 to 60 percent of GDP and 67 percent of jobs. Nonetheless, access to finance remains a leading constraint to SME growth. IFC is playing a significant role in improving SME financing. In 2016, 400 of IFC’s SME finance clients extended an estimated eight million SME loans globally.

About IFC

IFC—a sister organization of the World Bank and member of the World Bank Group—is the largest global development institution focused on the private sector in emerging markets. We work with more than 2,000 businesses worldwide, using our capital, expertise, and influence to create markets and opportunities in the toughest areas of the world. In FY17, we delivered a record $19.3 billion in long-term financing for developing countries, leveraging the power of the private sector to help end poverty and boost shared prosperity. For more information, visit www.ifc.org

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About I&M Bank
Established in 1963, I&M Bank Rwanda Ltd (formerly - BCR) is a leading Financial Services Provider with a regional presence in Africa. In Rwanda, the company's product offering includes Retail Banking, Business Banking, Corporate and Institutional Banking. The Bank has a proven track record in pioneering innovative financial services and supporting the Republic of Rwanda’s strategy for Financial Inclusion.

Press Release

I&M HOLDINGS PLC DECLARES HISTORIC BONUS ISSUE FOR SHAREHOLDERS

27/03: Banking services group, I&M Holdings PLC has announced a one to one bonus share issue.

Commenting on the development, Mr. Daniel Ndonye, Chairman, I&M Holdings PLC noted, “This is the first ever bonus issue declared by the Group. The Group has enjoyed strong support from its shareholders, and the bonus issue is just reward for the faith shown to us by our shareholders.”

Profit Before Tax for the Group increased by 16.20% to Kshs 11.4 billion up from Kshs. 9.9 billion recorded in 2017. The Group with operations in Kenya, Mauritius, Rwanda and Tanzania was able to navigate a challenging operating environment, on the back of its corporate strategy.

Commenting on this performance, Mr. Ndonye, further noted, “The year was not devoid of challenges, but also presented opportunities that I&M Holdings PLC was able to leverage on. We want to continue being the trusted business partner for our customers, and ensure that we can meet all their financial requirements, with a varied suite of product and service offerings”.

The Group’s foreign subsidiaries also supported the overall performance contributing 19.80% of the overall profit before tax. “We shall continue to take advantage of opportunities presented in these countries and others as and when they arise to boost the Group’s performance.” Mr Ndonye added.

On the contribution from the flagship unit, I&M Bank Kenya, the Chairman termed the results highly commendable, despite the challenges presented by the continued impact of the interest rate capping law, which continues to affect performance across the industry and the Kenyan economy.

He emphasised that mainly due to the general under performance by the Kenya banking sector, the Group’s loan book recorded a modest growth of 8.97% compared to December 2017, to Kshs. 166 billion up from Kshs. 153 billion. This was despite a significant increase in the deposits base of 25.91%, from Kshs 169.2bn in December 2017 to close at Kshs 213.1bn.

The banking industry primarily raises deposits for financial intermediation i.e transfer funds from those who have surplus to those in need of funds. Within the interest capping regime, the industry is extremely curtailed and forced to place these funds in relatively low risk assets.

The Executive Director of the Bank, Mr Sarit Raja Shah, underscored the significant investment made in the last two years. “Besides management time and effort, we have invested over Kshs 1 billion in new systems across the Group.

I&M Holdings PLC recorded an increase in its Non-Performing Assets as compared to a similar period last year to stand at Kshs. 23.8bn up from Kshs. 19.4bn. The Group indicated its continued focus on strengthening its processes and taking remedial actions to improve the loan book quality.

The Group’s Total Assets recorded an impressive growth of 20.16% percent to close at Kshs. 288.5bn up from Kshs. 240.1 bn recorded in 2017.

Kihara Maina, CEO, I&M Bank, Kenya noted, “2018 marks an important year for the Group as we reaped early from the benefits of our Corporate Strategy. Our revenue has gradually decreased its reliance on funded income and has witnessed the Bank’s resilience against environmental adversity.”

We will further continue to pursue several strategic initiatives that we believe will place us in a better position to counter the current operating environment and take advantage of existing opportunities in our bid to enhance our shareholders’ value”, he added.

Last year, the I&M Group continued its strategic investments, by completing the acquisition of Youjays Insurance Brokers Limited.

In its endeavour to establish a one-stop centre for all financial solutions, the I&M Bank Limited continued to roll out market driven solutions such as unique value propositions to customers that presented specially packaged products and services for the Premium, Business and Young Professionals segments.

The Group, during the year further secured a funding line of upto $ 15 million from FMO, the Dutch Development Bank to facilitate onward lending to the Bank’s SMEs, Corporate and Institutional customers in its bid to grow the loan book portfolio.

I&M Holdings PLC in 2018 made strategic investments in its financial systems such as the launch of the Digital Factory, otherwise known as iCube, which has been spearheading the roll out of transformative digital financial solutions, aimed at improving the Bank’s operational efficiencies and enhancing delivery standards.

Going forward, the prospects are bright and I&M Holdings PLC expects to continue to deliver to market a wider portfolio of solutions to foster a stronger set of Financial results for 2019.

….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.

Press Release 

I&M Holdings Limited Completes Acquisition of Giro Commercial Bank Limited

Nairobi, Friday, 17th February 2017: I&M Holdings Ltd (IMHL) has announced the successful completion of merger of Giro Commercial Bank Limited (GCBL) into I&M Bank Limited (IMBL), which is IMHL’s banking flagship subsidiary. Following this, Giro Bank branches will henceforth be converted to I&M Bank branches and Giro Bank customers will become customers of I&M Bank.

The merger came to fruition upon receipt of necessary regulatory approvals from the Capital Markets Authority (CMA), Central Bank of Kenya, the Competition Authority of Kenya as well as IMHL shareholders. IMHL and GCBL entered into an agreement in 2015 to acquire all issued share capital in Giro Bank.

The move underscores the I&M Group’s expansion strategy, which seeks for opportunities to expand both locally and regionally by way of acquisitions.

For Giro Bank customers, this merger will provide additional advantage of accessing their bank accounts from 36 new I&M Bank branches located countrywide as well as through Alternate Channels like all Visa, Kenswitch and I&M Bank ATMs, Mobile Banking, Internet Banking and PesaLink. It will also enable them to enjoy the range of I&M Bank’s credit, debit and pre-paid Visa and MasterCard payment cards. Corporate customers of Giro Bank will be able to avail of I&M’s Cash Management Services, Trade Services as well as Corporate Internet Banking suite.

Speaking on the merger, I&M Bank’s Executive Director, Sarit S Raja Shah noted, “I&M Group’s strategy is to emerge as a one stop centre for all financial needs. Strategic acquisitions like what we have achieved with GCBL will place I&M Bank in a position to take advantage of growth in the industry ultimately increasing shareholder value.”

Through the merger, I&M Group has also acquired additional net advances of approximately KES 9.1 billion, and deposits of KES 12.6 billion besides other assets of approximately KES 6.7 billion. I&M Group has also acquired GCBL’s branch network which will supplement I&M Bank Limited’s existing network of 36 branches.

I&M Bank Limited will also benefit from the additional human resource capacity of GCBL’s employees which is expected to increase effectiveness and efficiency. Commenting on the development, Kihara Maina, CEO I&M Bank Limited noted, “I am proud to note that this merger will enhance I&M Bank’s efficiency and deliver significant additional value to our combined customers.”

“The merger will give us greater capacity to grow profitably while extending our larger network to our clients and customers. The transaction further demonstrates our continued leadership role in the industry.” he concluded.

I&M Holdings Ltd. has a regional banking presence through entities in Kenya, Rwanda, Mauritius and Tanzania. Listed on the NSE with a market capitalization of KES 32.86 billion, it is regulated by the Capital Markets Authority as well as by the Central Bank of Kenya as a non-operating holding company.

…Ends….

Press Release Burbridge Capital is now I&M Burbidge Capital Also signs agreement with Alexanna Limited to benefit mid- cap to large sized enterprises in Eastern Africa Nairobi, 2/11/16: Burbidge Capital announces its transformation to I&M Burbidge Capital following the 65 percent acquisition of Burbidge Capital by I&M Holdings Ltd in August 2016. I&M Bank is the flagship company under the I&M Holdings portfolio. The rebranding will help the firm leverage on both I&M Bank’s and Burbidge Capital’s brand and track record, as it continues to offer advisory and capital raising services to mid and large sized companies across Eastern Africa. The addition of I&M Burbidge Capital to the I&M Holdings umbrella will enable the I&M Group boost its market delivery capacity, by expanding its service offering through provision of advisory services hence positioning the Group as a one-stop-shop for all customers’ financial needs. Commenting on the development, Sarit S Raja Shah, Executive Director at I&M Bank, noted that the purchase of the controlling stake in Burbidge Capital by I&M Group, and subsequent rebrand of I&M Capital to I&M Burbidge Capital, now provides a platform to enhance the institution’s corporate finance capacity in both the local and regional market. In another development, I&M Burbidge Capital has further signed an agreement with Alexanna Limited to offer improved financial systems and strategic financial reviews, aimed at stimulating business growth for business entities in Eastern Africa. The services will target mid-sized and large companies that are on a positive business growth trajectory in the region. Through this agreement, the two entities will offer joint strategic financial review and pre-listing financing transaction readiness service for these companies. The solutions will be tailor made to suit individual company requirements. This new agreement seeks to examine options of improving the finance function in these businesses, while addressing the various financing options available to assist the companies achieve its medium-term growth and development objectives. Commenting on the partnership, Peter Shewan, Managing Director, at Alexanna Limited, said: “As a provider of high quality financial and consultancy services to SMEs in Kenya, this agreement with an established and reputable advisory company such as I&M Burbidge Capital is an ideal step forward for Alexanna. “Through this alliance, we can together offer business entities the full spectrum of financial services from startup to flotation and beyond. We look forward to working with I&M Burbidge Capital as we help companies formulate and execute their plans,” he added Further commenting on the partnership, Edward Burbidge, CEO, I&M Burbidge Capital said, “We are delighted to team up with Alexanna to launch this exciting offering to mid-sized companies in East Africa.” “I&M Burbidge Capital’s experience and track record in Corporate Finance combined with Alexanna’s technical know-how in improving firms’ finance and tax functions and systems will benefit Kenyan mid-cap firms,” he concluded. For media enquiries please contact, I&M Burbidge Capital on +254 (0) 20 2100 102 or e-mail: [email protected] Alexanna Limited on +254 (0) 727 335 800 or email: [email protected] Notes to editors About I&M Burbidge Capital I&M Burbidge Capital Limited is an Eastern African Corporate Finance Advisory firm. The firm has its Head Office in Nairobi with Kampala and London offices and affiliations across Eastern Africa. The firm’s services offering include advising businesses in the region on significant capital raising through IPOs, private equity, debt and Mergers & Acquisition transactions. Our focus is on mid & large sized companies with typical transaction size of USD 5million – USD 200million. The firm has an established expertise in navigating Capital Markets in East Africa, handling both debt and equity capital instruments. It is licensed and regulated by Capital Markets Authority- Kenya, Nairobi Securities Exchange, Capital Markets Authority- Uganda and Uganda Securities Exchange. The firm advised on the listing of Flame Tree Group on NSE in 2014, the $10m bond issued by Prime Bank in 2016, the private equity transaction for Chims Telecom in Uganda in 2015 and the sale of Ma Cuisine in Kenya in 2013 amongst several others. http://burbidgecapital.com/ About Alexanna Limited Alexanna was established in 2009 by Peter Shewan, the Managing Director. With over 20 years’ experience in senior management positions in Kenyan SME’s, he is well placed to advise SME’s in helping them optimise their resources in such a way to manage their “growth pains” and to deal with the challenges that they will inevitably face. Alexanna, itself being an SME, has built up a team of qualified, experienced and skilled people who can guide their clients in such diverse sectors as flower farming, flower trading, retail, wind farms, tourism, recruitment and grant management. About I&M Holdings Limited I&M Holdings Ltd (IMHL), formerly known as City Trust Limited (CTL), was incorporated on August 16, 1950 and is one of the oldest companies on the Nairobi Securities Exchange (NSE). IMHL was licensed and approved as a non-operating holding company in accordance with the terms of the Banking Act, Cap 488 Laws of Kenya following a reverse takeover of CTL by I&M Bank Limited in June 2013. Prior to that, CTL was an investment holding company listed on the Alternative Investment Market Segment (AIMS) of the NSE. IMHL owns the Group’s regional banking entities in Kenya, Rwanda, and Mauritius and in Tanzania. Listed on the NSE with a market capitalization of approx. KES 35 billion, it is regulated by the Capital Markets Authority as well as by the Central Bank of Kenya as a non-operating holding company. IMHL reported Total Assets of KES 210 billion as at 30th June 2016, a customer base of over 150,000 and employs over 1,600 people across the region. The Banking group offers the full range of personal, business and alternative banking products through its extensive range of debit, credit and prepaid cards, Email Banking, Internet Banking, Mobile banking, E-Commerce, and Social Media banking.

Press Release

I&M Bank Group’s posts 9% growth in 2016 after tax profits

21/03…Banking services group, I&M Bank Limited has announced a 9% after tax profit growth for its 2016 full year trading results.

Speaking following the release of the results, I&M Bank Kenya Chief Executive Officer, Mr. Kihara Maina noted the results were largely satisfactory given the severe operating environment the industry as a whole was facing.

He further pointed out that the core banking business of intermediation involving the pricing of risk was considerably impacted by the interest rate corridor which makes it a challenging environment for both customers and the bank.

While the group assets registered an impressive growth of 10.3 percent to close at Kshs 182.1 billion up from Kshs 165 billion, the firm’s pre-tax profit recorded a marginal rise of 3% growth to close at Kshs 9 billion up from Kshs 8.7 billion posted the previous year.

Increased customer lending accelerated the firm’s loan and advances book to Kshs 120.7 billion up from Kshs 114.9 billion representing a 5% growth.

The Group’s interest income generated from customer loans and advances including placements on government securities increased by an 11% margin to close at Kshs 21.7 billion up from Kshs 19.6 billion posted the previous year. The Group’s interest expenses however dropped by 5% to close at Kshs 8.2 billion down from Kshs 8.6 billion, primarily due to stability in interest rates. The deposit base grew by 11% to Kshs 129.6 billion.

On strategic direction of the Bank, Mr Maina pointed out that the bank was in the middle of undertaking comprehensive structural re-alignments to position the Group for future growth. He further added that, I&M Bank would take a cautious, informed approach in the way it reacts to the recent changes in laws affecting its business.

“We are pursuing several strategic initiatives that we believe will place the Bank in a better position to counter the various challenges arising from the current operating environment whilst taking advantage of existing opportunities as we endeavour to increase our shareholders’ value”, Maina said.

On the recent acquisition of former Giro Commercial Bank Limited (GCBL), the CEO added that the integration process of the two businesses is progressing well and plans have been finalised to ensure a smooth customer transition. GCBL will add on a proforma basis net advances of approximately Kshs 9.1 billion and deposits of Kshs 12.6 billion. I&M Bank has also acquired Giro Bank’s branch network, effectively pushing its branch footprint to 43 branches in Kenya.

Last year, I&M Bank Limited continued to expand its product portfolio by launching various products in line with the bank’s pillar on innovation. The bank launched I&M Karibu Account, a technology driven product, that enables real-time account opening through self-registration on the I&M App and at approved at I&M Karibu Agents. I&M Bank is also a pioneer member of the industry’s PesaLink system, a payments solution enabling I&M Bank customers to directly pay another bank’s customer in Kenya in real time, affordably and conveniently, through its branches and alternate delivery channels like mobile and internet banking.

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I&M Holdings agrees to purchase entire issued capital of Giro Commercial Bank Ltd.

PRESS RELEASE

I&M Holdings Limited (“IMHL”) is pleased to announce that it has signed an agreement to acquire all of the issued share capital in Giro Commercial Bank Limited (“Giro”). The proposed acquisition, upon completion, envisages the immediate merger of Giro’s banking business into I&M Bank Limited (“I&M Bank”), IMHL’s flagship subsidiary. The proposed acquisition is subject to a number of conditions precedent including approvals under the Banking Act, from the Capital Markets Authority, from the Competition Authority of Kenya as well as from IMHL’s shareholders in general meeting.

The I&M Group – comprising IMHL, its banking entities in Kenya, Tanzania, Rwanda and Mauritius as well as GA Insurance Company Limited amongst others – is a leader in the financial services industry in East Africa with a significant presence in the banking, insurance, manufacturing and real estate sectors.

IMHL owns the Group’s regional banking entities in Kenya, Rwanda, and Mauritius and in Tanzania through I&M Bank. Listed on the NSE with a market capitalization of KES 45 billion, it is regulated by the Capital Markets Authority as well as by the Central Bank of Kenya as a non-operating holding company. Giro was established in 1997 following the merger of Commerce Bank Limited and Giro Bank Limited. Giro has more than 100 employees and seven branches in Nairobi, Kisumu and Mombasa.

Sarit Shah, Executive Director of I&M Bank, commented:

“The I&M Group has undertaken a series of strategic acquisitions in the banking sector in East Africa and Mauritius since 2008. Continuing on this path, the proposed acquisition of Giro represents an opportunity to acquire a strong banking entity for the I&M Group to not only expand, and diversify its customer base but also to simultaneously give an instant boost to its human resources capacity.”

Sanjay Gidoomal, Managing Director of Giro, commented:

“In I&M Holdings Limited and I&M Bank we have found the right partner to deliver significant value for our customers, our employees and all our stakeholders . Giro’s view is that the strategic sale of its business to I&M Holdings and the merger of its operations into I&M Bank represents tremendous value for its stakeholders, and will enhance the offering to customers and employees and builds on Giro’s legacy of steady growth and competitive product offerings. We expect that customers will benefit from additional services and product lines and will embrace I&M Bank as a strong banking partner with a regional footprint. Giro’s employees will benefit from increased career opportunities and a chance to join a rapidly growing dynamic local player in Kenya’s banking market.”