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I&M Bank to buy GIRO Bank
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VituVingiSana
#31 Posted : Wednesday, September 09, 2015 12:51:39 PM
Rank: Chief

Joined: 1/3/2007
Posts: 18,350
Location: Nairobi
Aguytrying wrote:
@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........

What's the benefit to the CURRENT shareholders of I&M under @Ericsson's strategy? [Both majority & minority]
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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Aguytrying
#32 Posted : Wednesday, September 09, 2015 1:29:00 PM
Rank: Elder

Joined: 7/11/2010
Posts: 5,040
VituVingiSana wrote:
Aguytrying wrote:
@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........

What's the benefit to the CURRENT shareholders of I&M under @Ericsson's strategy? [Both majority & minority]


Keeping the cash circulating within the "empire". like jubilee, nmg, jubilee. which reduces cost of doing business
The investor's chief problem - and even his worst enemy - is likely to be himself
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kryptonite
#33 Posted : Wednesday, September 09, 2015 1:38:27 PM
Rank: Member

Joined: 2/1/2010
Posts: 272
Location: Nairobi
Aguytrying wrote:
@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........


But we have to interrogate, we live in financial (and political) times, nothing like no harm done
The harder you work, the luckier you get
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Cde Monomotapa
#34 Posted : Wednesday, September 09, 2015 6:20:37 PM
Rank: Chief

Joined: 1/13/2011
Posts: 5,964
kryptonite wrote:
Aguytrying wrote:
@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........


But we have to interrogate, we live in financial (and political) times, nothing like no harm done


@kryptonite The best thing in the Katiba is the separation of policy implementers & (noisy) legislators. Finally, with the former, we have people we can engage with professionally & technocratically. God willing deliver KV2030 ahead of schedule!
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VituVingiSana
#35 Posted : Thursday, September 10, 2015 3:48:43 AM
Rank: Chief

Joined: 1/3/2007
Posts: 18,350
Location: Nairobi
Ericsson wrote:
@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.

The Financial Supermarket model is common. I remember when Travelers bought Citibank to form Citi Group.

In Kenya, Equity has connections and shareholding in Britam. Coop Bank has CIC. NIC has ICEA. And so on.
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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VituVingiSana
#36 Posted : Thursday, September 10, 2015 3:53:41 AM
Rank: Chief

Joined: 1/3/2007
Posts: 18,350
Location: Nairobi
Aguytrying wrote:
VituVingiSana wrote:
Aguytrying wrote:
@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........

What's the benefit to the CURRENT shareholders of I&M under @Ericsson's strategy? [Both majority & minority]


Keeping the cash circulating within the "empire". like jubilee, nmg, jubilee. which reduces cost of doing business

1) Jubilee is an insurance firm. GA is an insurance firm. I&M Bank has no shareholding in GA. How do we [minority] shareholders benefit? The owners of GA look for the best return and if I&M doesn't pay the best rates they can go elsewhere.
2) I&M doesn't own other non-financial businesses. Lending to associates [or firms with common shareholders] is restricted by CBK. As is, as a minority shareholder, be wary of loans to insiders and associates.
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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Ericsson
#37 Posted : Thursday, September 10, 2015 8:36:27 AM
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Joined: 12/4/2009
Posts: 10,808
Location: NAIROBI
@VituVingiSana
Hahahah hahahahaa hahahaaa haaahahahaaa
Eti I&M Bank has no shareholding in GA

Read below excerpt from the website of General Accident;
GA Insurance is one of the oldest insurance companies operating in Kenya, underwriting all classes of general insurance, including medical and travel. Formerly known as General Accident Insurance Company of Kenya Limited, having its parentage from General Accident Insurance UK, it was incorporated as a Kenyan insurance company in 1979. Enjoying its presence for over 50 years, the GA brand has earned its standing as one of the most reputable insurance companies in Kenya.

In 2005, General Accident Insurance Company was acquired by the renowned I&M Bank Group in Kenya. The group has operations in Kenya, Tanzania and Mauritius with interests in banking, insurance, manufacturing and real estate. This acquisition brought with it a major transformation with complete restructuring of the company and change in management. Continuing with General Accident's legacy of a stable and steady company, it has now evolved into a stronger and potential player in the market. A consistent profitable growth since 2006 has placed the company among the major players in the industry.

The emergence of the company during the last three years led us to re-brand the company in September 2009 with a new logo, new vibrant corporate colours and a new short name˜GA Insurance Limited.

GA combines the integrity and financial strength that has earned it the pre-eminent position in the insurance market.

As minority shareholders you benefit through additional income from other associates.
Similar ways Coop benefits from shareholding of CIC
Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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VituVingiSana
#38 Posted : Friday, September 11, 2015 5:59:07 AM
Rank: Chief

Joined: 1/3/2007
Posts: 18,350
Location: Nairobi
@ericsson - So how much of GA Insurance does I&M Bank own?
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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Ericsson
#39 Posted : Friday, September 11, 2015 8:29:20 AM
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Location: NAIROBI
100%
Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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winston
#40 Posted : Friday, September 11, 2015 9:13:53 AM
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Joined: 4/14/2010
Posts: 806
Location: Nairobi
Ericsson wrote:
100%


Just a clarification. The majority shareholders of I&M bank are the 100% shareholders of GA Insurance. The bank itself does not own shares in GA Insurance. So any benefits from GA Insurance accrue to the Shah family directly and not to I&M Bank.
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