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I&M Holdings Plc, the financial services group founded by Kenyan businessman Suresh Bhagwanji Shah, has increased its stake in I&M Bank Tanzania to 95 percent, tightening its grip on one of its fastest-growing subsidiaries as it presses ahead with expansion across East Africa.
I&M gains greater Tanzania control
The Nairobi-listed lender acquired an additional 15 percent holding in the Tanzanian unit after two long-standing private equity investors exited at the end of an investment cycle that lasted close to 15 years. The sellers were Kibo Capital Partners and France’s development finance institution Proparco, according to people familiar with the transaction. The deal was completed in December 2025, with the remaining shares held by individual private investors.
The move gives I&M greater control over its Tanzanian business at a time when regional banks are seeking scale to manage rising costs, tougher regulation and growing competition from digital lenders. Tanzania remains one of I&M’s core markets, alongside Kenya and Rwanda, with Mauritius serving as a joint-venture outpost.
I&M brings banking to overlooked towns
Founded in 1974, I&M Holdings Plc sits atop a banking group that has steadily built a footprint across East Africa. Shah, who is widely credited with shaping the lender into a leading mid-tier regional bank, owns 10.98 percent of the group, equivalent to about 178.5 million shares. He also controls MTZ Holdings, a private investment vehicle that recently acquired Nairobi Business Park, a prominent commercial property in the Kenyan capital.
The increased ownership in Tanzania comes as I&M Bank continues to add branches in key locations thus focusing on counties and towns that have traditionally been overlooked by larger lenders. In July, the bank opened a new outlet in Kirinyaga County, an agriculturally productive region near Mount Kenya that is home to thousands of small and medium-sized enterprises.
That branch follows I&M’s container-branch model, which uses solar power and modular construction to lower costs and speed up deployment. The approach is part of the bank’s iMara 3.0 strategy, which targets everyday customers and small businesses with simpler products and faster service. I&M plans to expand its Kenyan network to 100 branches by the end of 2026.
I&M deepens Tanzania commitment
Beyond retail banking, the group has also been investing in physical assets to drive its regional presence. In Tanzania, Shah oversaw the purchase of a landmark commercial building in Dar es Salaam for $18.55 million, equivalent to Ksh2.4 billion or roughly 47 billion Tanzanian shillings.
The property, branded I&M House@1046, will serve as the group’s headquarters in Tanzania and host one of its flagship branches. Located in the city’s central business district, the building reflects I&M’s long-term commitment to Tanzania, a market the group views as critical to its East African growth plans as it deepens ties with businesses and households across the region.
