Local banking entity I&M Bank, says it has began a rebranding exercise for all of the recently acquired Giro Commercial Bank Limited (GCBL) branches.
The 7 branches acquired by I&M Bank are now undergoing a full brand conversion, effectively pushing up the I&M Bank Kenya’s network to 43 branches countrywide.
Effective February 13, 2017, GCBL ceased to be a bank licensed by the Central Bank of Kenya, with IMBL assuming its licensing rights and obligations. All GCBL stakeholders including depositors, 110 employees, and creditors have found a new home at I&M Bank.
Speaking when he confirmed the ongoing works, I&M Bank Limited CEO, Mr. Kihara Maina said the rebranding project will involve outfitting of the seven former GCBL Branches to the signature I&M Bank brand identity. The Bank is currently working on integrating GCBL’s data into I&M Bank systems.
“The integration is well aligned to the strategic aspirations of I&M Bank and is aimed at making the merged entity a more efficient and stronger bank. The strategic rationale of the acquisition includes pursuing scale to improve market penetration, filling portfolio gaps in business operations and creating value by improving overall business performance while creating wider access for product offerings,” Kihara said.
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Through the merger, I&M Group has acquired additional net advances of approximately KES 9.1 billion, and deposits of KES 12.6 billion besides other assets of approximately KES 6.7 billion. For GCBL customers, this merger will provide additional advantage of accessing their bank accounts from 36 new I&M Bank branches located countrywide.
I&M Bank was licensed in 1996, and ranked 9th in terms of market share as at December 31, 2016, with 36 branches. GCBL was licensed in 1992, and ranked 26th in terms of market share as at December 31, 2016, with 7 branches. Taken together, the merged bank is estimated to have a combined market share of about 5 percent as at December 31, 2016.
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