I&M Bank Tanzania Limited

I&M Bank Tanzania Limited is a commercial bank in Tanzania headquartered in Dar es Salaam and a subsidiary of Kenyan based I&M Bank Group. It is licensed by the Bank of Tanzania, the central bank and national banking regulator.[1]

I&M Bank Tanzania Limited
TypePrivate
IndustryBanking
Founded2002 (2002)
HeadquartersDar es Salaam, Tanzania
Key people
Sarit Raja Shah (Chairman), Baseer Mohammed (Chief Executive Officer)
ProductsLoans, Savings, Transaction accounts, Investments, Mortgages
RevenueIncreasePretax: TSh 3.81 billion (US$2.26 million) (2013)
Total assetsTSh 296.6 billion (US$175.5 million) (2013)
OwnerI&M Bank Group (55.03%)
Number of employees
100+ (2012)
Websitewww.imbankgroup.com/tz/

As of December 2013, the bank was a mid-sized financial institution, providing banking services to individuals and businesses, with emphasis on serving medium to large corporate clients. At that time, the bank's total assets were valued at approximately TSh 296.6 billion (US$175.5 million), with shareholders' equity estimated at TSh 29.4 billion (US$17.4 million).[2]

History

The bank started operations in Tanzania in 2002 as CF Union Bank, with headquarters in Dar-es-Salaam. By 2010 it operated two branches in Dar-es-Salaam and a third branch in Arusha. In January that year, the shareholders of CF Union Bank sold the bank to a consortium headed by I&M Bank Group. Other investors in the consortium included PROPARCO, the French Development Agency, Kibo Fund, a private equity firm based in Mauritius and Michael Shirima, a Tanzanian businessman who is the largest shareholder in Precision Air.[3] In September 2010, the bank changed its name from CF Union Bank to I&M Bank (Tanzania) Limited, to reflect the new ownership.[4]

Ownership

I&M Bank Tanzania Limited is owned by institutions and one private individuals as detailed in the table below:[5]

I&M Bank (Tanzania) Stock Ownership
RankName of OwnerPercentage Ownership
1I&M Holdings Limited55.03
2PROPARCO of France20.0
3Kibo Fund of Mauritius20.0
4Michael Shirima of Tanzania4.97
5TOTAL100.0

Branch Network

As of November 2014, I&M Bank (Tanzania) Limited maintains the following networked branches:[6]

  1. Main Branch - Indira Gandhi Street Next to Nida Textiles Mills, Dar es Salaam
  2. Moshi Branch - Rindi Lane Road, Moshi
  3. Oysterbay Branch - Toure Drive & Ghuba Road, 344 Block F, Oysterbay Area, Dar es Salaam
  4. Maktaba Branch - Maktaba Square, Maktaba Street, Dar es Salaam
  5. Kariakoo Branch - Plot 21 Livingstone Street, Kariakoo, Dar es Salaam
  6. Arusha Branch - Sunda Plaza- Ground floor, Goliondoi Street, Arusha
  7. Nyerere Road Branch - PSSSF Plaza Building along Nyerere Road
  8. Mwanza Branch - Gradia Tower, Uhuru Street Mwanza.

See also

References
  1. "Directory of Commercial Banks Operating in Tanzania". Bank of Tanzania. Archived from the original on 20 July 2009. Retrieved 14 November 2014.
  2. "Audited 31 December 2013 Financial Report" (PDF). I&M Bank Tanzania. 28 March 2014. Archived from the original (PDF) on 19 August 2021. Retrieved 14 November 2014.
  3. "I&M Moves Into Tanzania for A Regional Footprint". Business Daily Africa. Nairobi, Kenya. 12 January 2010. Archived from the original on 24 July 2020. Retrieved 30 March 2016.
  4. Tanzania Daily News (19 September 2010). "Tanzania: CF Union Bank Changes Name". Tanzania Daily News via AllAfrica.com. Dar es Salaam. Retrieved 14 November 2014.
  5. "December 2013 Annual Report: Capital Structure And Shareholding" (PDF). I&M Bank Tanzania (IMBTZ). 28 March 2014. Archived from the original (PDF) on 19 August 2021. Retrieved 14 November 2014.
  6. "The Branches of I&M Bank Tanzania". I&M Bank Tanzania.
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