The I&M Bank Board Chairman, Mr. Suleiman Kiggundu has said, the Bank has a plan in motion to list on Uganda Securities Exchange, a move that is set to boost Uganda’s stock market since the listing of the two major telecoms in the last three years.
“We hope to list in Uganda soon, we have listed in Rwanda and Kenya,” Mr Kiggundu said, while presenting his celebratory remarks at I&M Bank’s 50th anniversary celebrations at Serena Hotel Conference Centre in Kampala.
The listing is set to change market dynamics in the banking industry with I&M Bank being the first bank to show interest after almost a decade since the listing of other major banks happened on Uganda’s stock exchange.
I&M Holdings officially listed its new shares at the Nairobi Securities Exchange in 2013 after a successful conclusion of the merger deal between I&M Bank with investment company, City Trust through a share swap, thus providing liquidity for the Bank’s institutional, corporate and individual shareholders.
Data from AFRICAN ‘XCHANGES, a stock market data aggregation platform shows, I&M Holdings was the 11th most traded stock on the Nairobi Securities Exchange over the past three months between Mar 26th – June 28th, 2024 with a total volume of 11.5 million shares—in 2,609 deals—valued at KES 243 million over the period, with an average of 182,613 traded shares per session. A volume high of 1.64 million was achieved on June 5th, and a low of 4,100 on April 30th, for the same period.
Additional data from Rwanda Stock Exchange shows I&M Bank is the third most traded company on the bourse.
Digital milestone
Mr Kiggundu also used the occasion to highlight some of the Bank’s milestones, noting that since inception, I&M Bank has with conviction laid out a strategy to become the region’s leading financial partner for growth.
“This is a journey that started in 1974 and it has all been about looking out for our clients, adapting to the latest banking technologies and trends to offer a memorable banking experience,” he said.
“We are here to celebrate another milestone with Mastercard onboard, a year before we make 50 years in business. This marks a remarkable landmark in the existence of the bank. Fifty years of banking is a remarkable feat and I applaud the founders, past management teams and the current team for this achievement,” Mr Kiggundu added.
He noted that as the Bank marks three years in Uganda next year, it will be another opportunity to build on the Bank’s rich history and remind customers that “We are on your side”.
Teaming with Mastercard which has a massive reputation globally, working with businesses and governments will offer a number of incentives to I&M Bank clients such as discounts, to priceless travel experiences, improved security, Global Emergency Services, Purchase Protection and Medical Travel concierges.
I&M Bank Regional CEO Kihara Maina said the Bank’s journey ahead is to offer digital innovations across all the markets, and will continue to serve foundational pillars and shared values such as environmental, conservation, education and skills development, and economic empowerment among others.
“Our mandate is to serve you with utmost excellence across all the markets we operate in,” he said.
Golden History of the Bank
I&M Group Public Limited Company (PLC), formerly known as City Trust Limited (CTL) was first incorporated on 16th August 1950 and is one of the oldest companies to list on the Nairobi Securities Exchange (NSE).
The bank traces its history to 1974 when Investments & Mortgages (I&M) Limited was formed as a private company providing personalised financial services to business people in the Nairobi City area.
It was then formally registered as a Financial Institution under Banking Act in 1980 and grew into a full-fledged commercial bank that was licensed by the Central Bank of Kenya in 1996, upon which the Bank changed its name to Investments & Mortgages Bank Limited on 2nd April 1996.
The Bank adopted the name I&M Bank Limited on 25th September 2008. The Bank offers a wide range of commercial banking and financial products and services, and prides itself on introducing innovative products and services based on the needs of its customers.
I&M Holdings was licensed and approved as a non-operating holding company in accordance with the provisions 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 Nairobi Securities Exchange. Following the reverse takeover, CTL changed its name to I&M Holdings and moved on to the Main Investment Market Segment (MIMS) of the NSE.
The Company is regulated by the Capital Markets Authority (CMA) and the Central Bank of Kenya. I&M Group PLC operates in five countries – Kenya, Tanzania, Rwanda, Uganda and Mauritius through its subsidiaries, affiliates and joint venture investments in each of these countries.
The Group has over 600,000 customers, 48000 shareholders, and 29000 staff across its footprint. In the 2023- 2024 Financial Year, the Group made KES 3.8 billion on profit before tax and KES 533 billion asset base.