Kenyan businessman Suresh Bhagwanji Shah has seen the value of his stake at I&M Group decline after suffering a KSh 4.4 billion loss.
According to a report on Billionaires Africa, Shah’s stake at I&M declined by 580 million; falling from KSh 3.83 billion to 3.25 billion.
The loss was recorded in the past 37 days. The same can be attributed to a 15.2-percent drop in the leading banking group’s share price from KSh 21.45 on March 24 to KSh 18.2 at the time of publishing.
This comes at a time when shareholders are reducing stakes in the financial institution.
Shah owns a 10.98-percent stake in the company, which translates to 178,514,362 ordinary shares.
I&M Holdings Limited is a conglomerate comprising banks, an insurance company and investment advisory businesses.
The group’s headquarters are located in Nairobi, Kenya, with subsidiaries in Kenya, Mauritius, Rwanda, Tanzania and Uganda.
The flagship company of the group is I&M Bank Limited, with headquarters in the I&M Bank Tower on Kenyatta Avenue in Nairobi CBD.
I&M Holdings is a result of a reverse merger between City Trust Limited and I&M Bank Limited.
I&M Bank was founded in 1974 as Investments & Mortgages Limited, as a private company providing personalised financial services to business people in the Nairobi area.
The firm converted to a commercial bank in 1996. In 2003, the bank acquired Biashara Bank of Kenya Limited thereby expanding its branch network, client base and assets under management.
In 2010, the group acquired a controlling interest in CF Union Bank of Tanzania, whose assets were estimated at about US$61 million in December 2009.
In September 2010, CF Union Bank Tanzania rebranded to I&M Bank (Tanzania). The group was reported to have intentions to expand throughout East Africa through acquisitions.
During 2012, the group acquired a controlling interest in Commercial Bank of Rwanda (BCR), the second-largest commercial bank in the Republic of Rwanda.
In 2013 BCR rebranded to I&M Bank (Rwanda), to reflect its current shareholding.