It's going down... 
To all our valued customers
It gives me great pleasure to inform you about some very positive developments in respect of I&M Bank. For a long time now, it has been the Bank’s intention to have its shares listed on the Nairobi Stock Exchange (“NSE”). I am very happy to advise that this strategic intent shall soon be fulfilled in the next few weeks, when the Bank concludes its reverse take-over of City Trust Limited (“CTL”), an entity listed on the NSE.
By way of background, CTL is an investment holding company listed on the Alternative Investment Market Segment of the NSE, whose main investment in the last few years has been in the Bank, with a 7.28% shareholding. On conclusion of the transaction, all the current shareholders of the Bank will hold shares in CTL. Simultaneously CTL will change its name to I&M Holdings Limited and I&M Bank will become a wholly owned subsidiary of I&M Holdings Limited.
The transaction, effectively in the nature of a capital restructuring, will enable the Shareholders of the Bank to list and freely trade in their shares on the NSE. Additionally this structure will facilitate the creation of a Holding company structure which will in turn provide the I&M Banking Group to (i) further improve upon its risk management framework, and (ii) undertake other activities that would enable us to become your “one stop shop” for all your financial needs.
We wish to reassure that there will be no change in the management and staff of the Bank and that this transaction will not affect the day to day operations of the Bank, which will continue to function as usual. The Bank will retain its name and strategy for business and we will continue to serve you as we always have.
Further, we wish to assure all our customers that, the existing Principal Shareholders of the Bank shall continue to hold their shares in the Bank, and have no intention of exiting from the Bank in the foreseeable future. Likewise, the Bank will continue to be guided under the very able leadership of its current Chairman Mr. SBR Shah.
Having received all the necessary approvals, the new shares in I&M Holdings Limited are set to be listed on the Main Investment Market Segment of the Nairobi Securities Exchange (“NSE”), and shall commence trading from 25th June 2013.
On behalf of the Board and Management Team of the Bank, I wish to express our sincere appreciation and gratitude for your sustained patronage of the Bank and we are looking forward to your continued support for the I&M Bank Group.
Arun S Mathur
Chief Executive Officer
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett