I&M Holdings Hits New All-Time High as a Decades-Long Transition Comes Full Circle

I&M Holdings touched a new all-time high of KSh 45 on November 4, 2025.

• •At KSh 45, the group’s market capitalization stands at approximately KSh 78.3 billion.
• •The price level crowns a corporate path that began in 1950 with the formation of City Trust Limited and reshaped on June 12, 2013 when City Trust became I&M Holdings through a reverse takeover.
• •The group has since grown into a regional financial institution with operations in Kenya, Tanzania, Rwanda, Uganda and Mauritius.

From City Trust (1950) to I&M Holdings (2013)

City Trust Limited was incorporated on August 16, 1950 and later listed on the Nairobi Stock Exchange as an investment holding company.

It held 7.28% in I&M Bank before merger talks started on October 3, 2011. A 5-for-1 share split in early 2013 expanded the listed float to support the share swap.

The swap agreement was signed on December 24, 2012 and approved on May 21, 2013. The deal closed in early June 2013, and the company was renamed I&M Holdings Limited on June 12, 2013.

I&M Bank began in 1974, converted into a commercial bank on April 1, 1996, and expanded with the acquisitions of Biashara Bank (2003), Bank One Mauritius (2008), I&M Bank Tanzania (2010) and I&M Bank Rwanda (2012).

Regional Build-Out and Uganda Entry

The group later added GA Insurance (2005) and 65% of Burbidge Capital (2016).

It agreed to acquire 90% of Orient Bank on July 20, 2020, completing the deal on April 30, 2021, now I&M Bank Uganda. A 1-for-1 bonus issue was executed in May 2019, doubling the share count.

Shareholding and Valuation Today

I&M Group PLC is held by long-term anchor shareholders who have guided the group’s strategic direction since the 1970s. Current large shareholders as of June 30, 2025:

Shareholding composition:

• •

  71.21% Local Institutions

• •

  17.93% Foreign Investors

• •

  10.86% Local Individuals

Total Shares Outstanding: 1,740,121,476