Suresh Bhagwanji Shah, the renowned Kenyan banking magnate and visionary founder of I&M Bank Group, has seen a substantial increase in his wealth, registering gains amounting to nearly $7 million from his stake in I&M. This is linked to the performance of the lender’s shares on the Nairobi Securities Exchange, marking a significant upturn in Shah’s fortunes.
Over the past 41 days, I&M shares have experienced a notable upturn, resulting in a staggering increase of Ksh919.35 million ($6.97 million) in the market value of Shah’s holdings. This surge has solidified his position among Africa’s richest individuals, marking a reversal from a previous decline.
I&M’s market cap surpasses $280 million: Shah’s leadership fuels growth across East Africa
Founded by Shah in 1974, I&M has evolved into a leading financial services group in East Africa, with active operations in Kenya, Tanzania, and Rwanda, as well as a joint venture in Mauritius. Shah’s visionary leadership has been credited with the transformation of I&M into a powerhouse in the region’s banking sector.
Recent data from the Nairobi Securities Exchange indicates a significant increase in the share price of I&M Bank, rising by 29.68 percent from Ksh17.35 ($0.1316) on Feb. 14 to Ksh22.50 ($0.1705). This surge has propelled the group’s market capitalization above $280 million, delivering substantial returns to shareholders, including Shah.
Suresh Bhagwanji Shah’s I&M stake soars, strengthening his position among Kenya’s elite investors
According to data tracked by Billionaires.Africa, Shah’s stake in the group has seen a remarkable increase in market value, climbing from Ksh3.10 billion ($23.47 million) to Ksh4.02 billion ($30.43 million) at the time of reporting.
This substantial gain not only cements Shah’s status as one of the wealthiest investors on the Nairobi Securities Exchange but also reaffirms his influence and success as a prominent businessman in Kenya.
