I&M Bank Tanzania Limited – History, Ownership, Network and More
I&M Bank Tanzania Limited operates a Tanzanian commercial bank located in Dar es Salaam and is a subsidiary of I&M Bank Group based in Kenya. The Bank of Tanzania, Tanzania’s national regulator and central bank, has granted it a license.
As of 2013 December, I&M Bank Tanzania limited was a medium-sized financial organization that offered banking services to both people and corporations, with a focus on mid to big corporate clients. During that time, the total assets of the bank were projected to be worth USD 175.5 million (Tsh: 296.6 billion), with the equity of the shareholders valued at around USD 17.4 million (Tsh:29.4 billion).
|Key People||Chairman – Sarit Raja Shah, CEO – Baseer Mohammed|
|Headquarters||Dar es Salaam|
|Products||Savings, Loans, Transaction Accounts, Mortages, Investments|
|Total Assests (2013)||USD 175.5 million, (296.6 billion TZS)|
|Revenue (2013)||USD 2.26 million pretax (3.81 billion TZS)|
|Employees||Over 100 (2012)|
|Owner||(55.03%) I&M Bank Group|
I&M Bank Tanzania Limited History
I&M bank began its operations in Tanzania as CF Union Bank in 2002, with head offices in Dar-es-Salaam. The bank had two branches situated in Dar es Salaam by 2010 as well as a third in Arusha. The owners of the CF Union Bank sold it to a consortium led by the I&M Bank Group in January 2010. PROPARCO, the French Development Agency, Kibo Fund, a Mauritius-based private equity company, and Michael Shirima, a businessman from Tanzania and Precision Air’s largest stakeholder were also among the consortium’s investors.
To reflect the change in ownership, the bank was renamed I&M Bank Limited (Tanzania) in September 2010.
|Tanzania’s Michael Shirima||4.97|
|Mauritia based Kibo Fund||20.0|
|France based PROPARCO||20.0|
|I&M Holdings Limited||55.03|
I&M Tanzania Limited Branch Network
I&M Bank Limited Tanzania had the following networked branches as of November 2014 November:
|Main||Dar es Salaam||Indira Gandhi Street near Nida Textiles Mills|
|Mwanza Branch||Mwanza||Uhuru Street|
|Nyerere Road Branch||Nyerere Road||PSSSF Plaza Building|
|Arusha Branch||Arusha||Falcon Building, 4Block R, Jakaranda Street|
|Kariakoo Branch||Dar es Salaam||21 Livingstone Street|
|Maktaba Branch||Dar es Salaam||Maktaba Square|
|Oysterbay Branch||Dar es Salaam||344 Block F, Toure Drive & Ghuba Road|
|Moshi Branch||Moshi||Rindi Lane Road|
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