I&M Group PLC has moved close to full ownership of its Tanzanian banking unit after lifting its stake in I&M Bank (Tanzania) Limited to 95.5%, completing the exit of minority shareholders PROPARCO and Microfinance East Africa Ltd, the lender said in a regulatory filing dated January 13.
- •The acquisition raises the group’s effective shareholding from 84.9% and follows the receipt of all required corporate and regulatory approvals.
- •The transaction consolidates I&M Group’s control of the Tanzanian subsidiary, which forms part of its wider East African banking franchise, and simplifies the ownership structure following the departure of development-oriented minority investors who had supported the bank’s growth over previous years.
- •The disclosure did not include financial terms of the acquisition, such as the purchase price or funding structure, nor did it outline any changes to management, board composition, or dividend policy at the Tanzanian unit.
Shares acquired in the deal were previously held by PROPARCO, a French development finance institution, and Microfinance East Africa Ltd, a regional investment firm focused on financial inclusion. After the purchase, I&M Group’s ownership, including shares held through I&M Bank Limited, increased by 10.6 percentage points to 95.5%.
Tanzania is one of East Africa’s largest banking markets and a core pillar of I&M Group’s regional expansion strategy.
