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I&M Bank to buy GIRO Bank
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VituVingiSana
#21 Posted : Tuesday, September 08, 2015 12:22:47 AM
Rank: Chief

Joined: 1/3/2007
Posts: 18,349
Location: Nairobi
@ericsson:
http://www.girobankltd.c...agement-Team/The-Board/
No "Madhoubushi Soundararajan" at Giro in that list.

He moved from CFC (as CEO) to I&M Bank (non-exec). He retired from CFC in 2008.
http://www.capitalfm.co....at-helm-of-cfc-stanbic/

GA Kenya
http://www.gakenya.com/board.aspx
Madhubushi Soundararajan was appointed on 29 Oct 2009 but the I&M Shah family was already an owner in 2006. The information available starts from 2006.

http://www.gakenya.com/c...loads/cat_5/AR_2006.pdf
http://www.gakenya.com/c...l%20accounts%202009.pdf

Anyway, the questions for the minority shareholders are:
Is it a good or excellent buy at these prices?
What if it is compared to CFC Stanbic, Equity, KCB, etc?
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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Realtreaty
#22 Posted : Tuesday, September 08, 2015 1:20:46 AM
Rank: Elder

Joined: 8/16/2011
Posts: 2,387
VituVingiSana wrote:
@ericsson:
http://www.girobankltd.c...agement-Team/The-Board/
No "Madhoubushi Soundararajan" at Giro in that list.

He moved from CFC (as CEO) to I&M Bank (non-exec). He retired from CFC in 2008.
http://www.capitalfm.co....at-helm-of-cfc-stanbic/

GA Kenya
http://www.gakenya.com/board.aspx
Madhubushi Soundararajan was appointed on 29 Oct 2009 but the I&M Shah family was already an owner in 2006. The information available starts from 2006.

http://www.gakenya.com/c...loads/cat_5/AR_2006.pdf
http://www.gakenya.com/c...l%20accounts%202009.pdf

Anyway, the questions for the minority shareholders are:
Is it a good or excellent buy at these prices?
What if it is compared to CFC Stanbic, Equity, KCB, etc?

Giro bank my first bank under SHAH MUNGE Brokers. Did both go under recievership after I moved out?
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VituVingiSana
#23 Posted : Tuesday, September 08, 2015 3:38:50 AM
Rank: Chief

Joined: 1/3/2007
Posts: 18,349
Location: Nairobi
Realtreaty wrote:
VituVingiSana wrote:
@ericsson:
http://www.girobankltd.c...agement-Team/The-Board/
No "Madhoubushi Soundararajan" at Giro in that list.

He moved from CFC (as CEO) to I&M Bank (non-exec). He retired from CFC in 2008.
http://www.capitalfm.co....at-helm-of-cfc-stanbic/

GA Kenya
http://www.gakenya.com/board.aspx
Madhubushi Soundararajan was appointed on 29 Oct 2009 but the I&M Shah family was already an owner in 2006. The information available starts from 2006.

http://www.gakenya.com/c...loads/cat_5/AR_2006.pdf
http://www.gakenya.com/c...l%20accounts%202009.pdf

Anyway, the questions for the minority shareholders are:
Is it a good or excellent buy at these prices?
What if it is compared to CFC Stanbic, Equity, KCB, etc?

Giro bank my first bank under SHAH MUNGE Brokers. Did both go under recievership after I moved out?

Google is your friend.
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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Ericsson
#24 Posted : Tuesday, September 08, 2015 7:49:24 AM
Rank: Elder

Joined: 12/4/2009
Posts: 10,808
Location: NAIROBI
@VituVingiSana;
Sorry Soundararajan is a board member at Car and General which shares common ownership with Giro Bank.
He couldn't be a director at I&M bank before 2009 because of conflicting roles since he was the CEO of CFC Bank.
He retired from CFC in 2008 which was the year Standard Bank took control of CFC bank hence the majority owners had to have their person there.
Anyway for movement in I&M bank watch that man keenly;he is the point man of the Shah family.
Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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spanner
#25 Posted : Tuesday, September 08, 2015 5:53:07 PM
Rank: Member

Joined: 4/14/2008
Posts: 39
Glad someone is counterchecking this deep insider info aka conspiracy theory.. maybe we are being colonised too huh?
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VituVingiSana
#26 Posted : Wednesday, September 09, 2015 12:53:00 AM
Rank: Chief

Joined: 1/3/2007
Posts: 18,349
Location: Nairobi
@ericsson - I see your point that the connection (or common director) between Giro Bank (via C&G) and I&M Bank is Soundararajan.

Perhaps he just made the 'introductions' rather than a "Grand Scheme" to consolidate the banks. If all he did was combine 2 banks [4.10% and 0.49%] in 6 years then it will take another 50 years for the likes of Prime, DTB, Imperial, etc to merge into a single bank!

As for GA Insurance, it is a small firm vs Britam, UAP, etc and I don't recall GA buying out any other insurance firms. Cannon was sold to a Moroccan entity. Real to Britam. UAP to Old Mutual.
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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Ericsson
#27 Posted : Wednesday, September 09, 2015 6:41:11 AM
Rank: Elder

Joined: 12/4/2009
Posts: 10,808
Location: NAIROBI
@VituVingiSana;
Prime bank,Imperial and DTB are not into their plans of merger.
DTB is owned and Pakistani based.
I&M main target is the small indian banks like Guardian and Fidelity.
GA yes is a small firm but the business remains inside so that money circulates within.
The Indian/asian model has always to be owning a bank and insurance under one roof.
DTB Bank has Jubilee Insurance
CFC bank had Heritage and CFCLIfe
Prime Bank has Tausi Insurance
I&M bank has General Accident.
Meralli with ECB has Fidelity and First Assurance.
Note General Accident didn't buyout any other insurance but was bought.
Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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Horton
#28 Posted : Wednesday, September 09, 2015 9:54:05 AM
Rank: Veteran

Joined: 8/30/2007
Posts: 1,558
Location: Nairobi
Ericsson wrote:
Indians are converging towards One bank I&M bank which they will use to secure financing in their projects within east Africa.
That is why the bank is growing very fast.
Indians at CFCStnabic sold to Standard Bank SA and took their money to I&M Bank
Same case applied to East Africa Building Society which was sold to Ecobank.
And the same will apply to Fina Bank which was sold to Nigerian GT Bank


@Ericsson, contrary to popular belief, wahindis don't always bank with banks owned by themselves. PS CFC is South African owned by Stanbic. Also, there is different tribes there too, Prime bank owned by the Kantarias- same community as Paunrana, Somaiya etc, I&M -Shah, DTB are Ismailis. Nonetheless, we don't bank with banks simply coz they are owned by muhindis as u have insinuated. I personally bank with BBK just coz it works for me. We're really not as "tight" as most people reckon us to be!!
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Ericsson
#29 Posted : Wednesday, September 09, 2015 9:57:20 AM
Rank: Elder

Joined: 12/4/2009
Posts: 10,808
Location: NAIROBI
@Horton;
Let us wait and see.
CFC was majority owned by the Jain family before South Africans bought them out in 2008.
Indians have caste and different groupings like Singh,Shah,
Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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Aguytrying
#30 Posted : Wednesday, September 09, 2015 10:25:57 AM
Rank: Elder

Joined: 7/11/2010
Posts: 5,040
@vvs, Horton. I think what @Ericsson is trying to say is very clear. And should be taken as a point of information instead of being watered down. It's insider info, I doesn't have to make sense, right now. If it's false, no harm done. If it's true........
The investor's chief problem - and even his worst enemy - is likely to be himself
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