DESIGNA MAGAZINE DESIGNA ISSUE III 2019 2 | Page 57

1999 to coincide with completion of 25 years of "I&M"
name. �e changes were initiated by the launch of a small,
but important change - a new logo. �is was intended to
highlight I&M's evolution from a �nance company into a
commercial bank. I&M's head offices were relocated to
the prestigious I&M Bank House on 2nd Ngong Avenue,
Nairobi-Kenya. �is modern, spacious building was been
designed and built to ful�ll the needs of our customers.
2002
�e new Main branch of I&M opened at the glittering 16
storey I&M Bank Tower located at the heart of the
Central Business District of Nairobi-Kenya.
2003
I&M acquired the assets of Biashara Bank of Kenya
Limited. �is merger resulted in increased market share,
pro�tability and efficiency.
2007
DEG and PROPARCO, two leading international
development �nancial institutions, invested K.Shs.377
million to acquire 11.96% shareholding in I&M.
2008
In February 2008, I&M acquired 50% shareholding in
First City Bank (FCB) Limited, through a joint venture
with the CIEL Group, Mauritius. FCB has subsequently
rebranded itself as Bank One Limited.
2010
In January 2010, I&M Bank announced its entry into
commercial banking in Tanzania with the acquisition of a
majority stake in CF Union Bank Ltd (CFUB). Also
participating in the equity buy-out was PROPARCO, a
French Development Financial Institution, and an
existing shareholder of I&M Bank together with �e
Kibo Fund and a well known and respected Tanzanian
businessman Mr. Michael N Shirima who is a signi�cant
shareholder of Precision Air, the Tanzanian national
airline.
2010
PROPARCO, the French Development Agency, jointly
with DEG – the German Investment & Development
May
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June 2019 | D E S I G N A