I&M Bank Tanzania Limited – History, Ownership, Network and More

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).

Type Private
Founded 2002
Industry Banking
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
Website imbanktanzania

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.

Owner Percentage
Tanzania’s Michael Shirima 4.97
Mauritia based Kibo Fund 20.0
France based PROPARCO 20.0
I&M Holdings Limited 55.03
Total 100.0

I&M Tanzania Limited Branch Network

I&M Bank Limited Tanzania had the following networked branches as of November 2014 November:

Branch City Address
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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