Home » Kenyan tycoon Suresh Bhagwanji Shah’s I&M Bank launches eight new branches

Kenyan tycoon Suresh Bhagwanji Shah’s I&M Bank launches eight new branches

I&M Group expands presence in Kenya with eight new branches, strengthening financial accessibility nationwide

by Omokolade Ajayi

In a move aimed at enhancing accessibility and fortifying its operations in Kenya, I&M Group, a leading financial services conglomerate founded by Kenyan businessman Suresh Bhagwanji Shah, has launched eight new branches across the country.

The newly unveiled branches bring the total I&M Group branch network to 93 in the region. Of these, 49 are strategically positioned throughout Kenya, spanning across 15 counties. The banking group aims to open an additional 12 branches within the year, bringing the total number of physical locations in Kenya to 61.

The geographic distribution of the new branches includes the coastal region with locations in Diani, Watamu, and Kilifi, Nairobi City with branches in Eastleigh, Gikomba, and Saifee Park in Langata, and individual branches in Naivasha and Tatu City in Kiambu. This follows an investment in the Ugandan subsidiary, I&M Uganda, in 2023.

Shameer Patel shares I&M Group’s strategic vision and customer-centric approach

Shameer Patel, the executive general manager for personal and business banking at I&M Bank, expressed optimism about the impact of this expansion on customer service. 

“More branches will help the lender to offer personalized, customer-first services and products that will support and uplift individuals and local communities,” Patel stated. He emphasized that the expansion aligns with the bank’s commitment to driving financial inclusion and extending its reach to new locations across the country.

He also revealed that the expansion solidifies I&M Group’s commitment to its customer-centric vision, aligning with its long-standing tradition of offering comprehensive financial solutions while concurrently contributing to the economic growth and development of Kenya.

Shah: The driving force behind I&M Group’s financial triumph

I&M Group, serving as the non-operating holding company for I&M Bank Limited, was founded by Shah in 1974. The financial services group boasts active operations in Kenya, Tanzania, and Rwanda, along with a joint venture in Mauritius.

Shah, credited with transforming I&M into one of East Africa’s leading banking groups, maintains a beneficial 10.98-percent stake in the top-performing financial services provider, equivalent to 178,514,362 ordinary shares.

In addition to his significant role in the financial sector, Shah also holds a majority stake in MTZ Holdings. This recently established entity made headlines by acquiring Nairobi Business Park, a grade “A” office complex on Nairobi’s Ngong Road, from NBP Holdings Limited.

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