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I&M Bank to buy GIRO Bank
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winston
#41 Posted : Friday, September 11, 2015 9:19:28 AM
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@Ericsson - i know you are relying on whats on the GA website viz 'In 2005, General Accident Insurance Company was acquired by the renowned I&M Bank Group in Kenya'...But that is not factually correct... Remember the insurance act restricts any single shareholder from holding more than 25% of an insurer's shares
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Ericsson
#42 Posted : Friday, September 11, 2015 9:43:44 AM
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@Winston;
Go read the ACT clearly.
There are exceptions to this.Government or any financial institution can own more than 25% of an insurance shares.
Remember the bank also has various shareholders including VituVingiSana.
Co-op bank owns more than 25% of CIC insurance;that's not an individual but an institution.
Get the difference between a single individual and single institution
Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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VituVingiSana
#43 Posted : Friday, September 11, 2015 10:41:57 AM
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winston wrote:
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.

That I believe is the correct position. @ericsson - If I&M Holdings [or Bank] have shares in GA Insurance, then it should be indicated in the Annual Report. Where is it shown that I&M Bank/Holdings has shares in GA Insurance?
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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Ericsson
#44 Posted : Friday, September 11, 2015 11:17:45 AM
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https://en.m.wikipedia.org/wiki/I%26M_Bank_Group
@VituVingiSana
Check the above link
Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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VituVingiSana
#45 Posted : Friday, September 11, 2015 5:43:48 PM
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Ericsson wrote:
https://en.m.wikipedia.org/wiki/I%26M_Bank_Group
@VituVingiSana
Check the above link

Please give me specifics. How about showing me where it is stated in I&M Bank/Holdings Annual Report about the ownership of GA. Let me re-state that. In the audited Financial Statements.
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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Ericsson
#46 Posted : Friday, September 11, 2015 8:55:29 PM
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@VituVingiSana;
You are very complicated person.
Everything is very clear about ownership of General Accident Insurance from its website that its owned by I&M.
Let me break down for you the details;
The entity that is listed in the NSE is I&M Holdings.
The annual report that you have been checking is fo I&M bank Kenya.
I&M Holdings owns the following entities;
I&M bank Kenya
I&M Bank Mauritius
I&M Bank Tanzania
I&M Bank Rwanda
And is in the process of acquiring Giro Bank.Note its I&M Holdings and not I&M bank.
I currently have no possession of the annual report of I&M Holdings but a check in the listed subsidiaries above points to ownership to I&M HOLDINGS
For GA ownership check in the GA website.It's written in bold and clear and even the board of directors of GA are the same individuals in the board of directors at I&M Bank Kenya.
Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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VituVingiSana
#47 Posted : Friday, September 11, 2015 10:44:57 PM
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Ericsson wrote:
@VituVingiSana;
You are very complicated person.
Everything is very clear about ownership of General Accident Insurance from its website that its owned by I&M.
Let me break down for you the details;
The entity that is listed in the NSE is I&M Holdings.
The annual report that you have been checking is fo I&M bank Kenya.
I&M Holdings owns the following entities;
I&M bank Kenya
I&M Bank Mauritius
I&M Bank Tanzania
I&M Bank Rwanda
And is in the process of acquiring Giro Bank.Note its I&M Holdings and not I&M bank.
I currently have no possession of the annual report of I&M Holdings but a check in the listed subsidiaries above points to ownership to I&M HOLDINGS
For GA ownership check in the GA website.It's written in bold and clear and even the board of directors of GA are the same individuals in the board of directors at I&M Bank Kenya.

Facts. Yes, they help simplify complications.

Having the same/similar board of directors does not mean one firm owns the other. It simply means there are related firms by virtue of the Ownership or Directors.

Facts. Are subsidiaries listed in the Annual Reports? If GA Kenya is a subsidiary of I&M Holdings then would it not be listed in the AR?

https://www.imbank.com/about-us/annual-reports/ The 2014 Annual Report for I&M Holdings. May I help you with anything else?
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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Ericsson
#48 Posted : Friday, September 11, 2015 11:37:19 PM
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VituVingiSana;
I will not want to make this an argument.I have told you read General Accident annual report which is all the same.
You are posting annual report for the bank then saying its for the holding company.
Stick to your position while I stick to mine.
Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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VituVingiSana
#49 Posted : Saturday, September 12, 2015 1:07:55 AM
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Ericsson wrote:
VituVingiSana;
I will not want to make this an argument.I have told you read General Accident annual report which is all the same.
You are posting annual report for the bank then saying its for the holding company.
Stick to your position while I stick to mine.

Facts. Pernicious little things.

2014 I&M Holdings Annual Report
https://www.imbank.com/w.../IM-Holdings-AR2014.pdf [Since you could not find it, I found it for you. On I&M Bank's website] Is there anything else I can help you with?

You say I&M Holdings [the listed entity] owns GA Insurance.
I say the Shah-Raja family, NOT I&M Holdings, own GA Insurance.

If you can find the bit where it says GA is a subsidiary of I&M Holdings, please do not hide it from me.
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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sss
#50 Posted : Saturday, September 12, 2015 11:05:19 AM
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I & M do not own Sarit Centre, it is owned by the Text Book Centre Shah family.
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VituVingiSana
#51 Posted : Saturday, September 12, 2015 6:11:14 PM
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sss wrote:
I & M do not own Sarit Centre, it is owned by the Text Book Centre Shah family.

The initials of Sarit S Shah (the ED of I&M Bank) are SSS Laughing out loudly Laughing out loudly Laughing out loudly and the CEO of GA is Sachit S Shah, also SSS Laughing out loudly Laughing out loudly Laughing out loudly

I enjoy reading Annual Reports. Always something interesting to pick out.
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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Boris Boyka
#52 Posted : Saturday, September 12, 2015 7:05:40 PM
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VituVingiSana wrote:
sss wrote:
I & M do not own Sarit Centre, it is owned by the Text Book Centre Shah family.

The initials of Sarit S Shah (the ED of I&M Bank) are SSS Laughing out loudly Laughing out loudly Laughing out loudly and the CEO of GA is Sachit S Shah, also SSS Laughing out loudly Laughing out loudly Laughing out loudly

I enjoy reading Annual Reports. Always something interesting to pick out.

...and now sss wrote Laughing out loudly Laughing out loudly
Everybody STEALS, a THIEF is one who's CAUGHT stealing something of LITTLE VALUE. !!!
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Pesa Nane
#53 Posted : Friday, July 01, 2016 9:02:25 PM
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Acquisition of Giro Commercial Bank

Pesa Nane plans to be shilingi when he grows up.
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Pesa Nane
#54 Posted : Friday, July 01, 2016 9:07:41 PM
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Approval of the acquisition of 65% of Burbidge

Pesa Nane plans to be shilingi when he grows up.
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VituVingiSana
#55 Posted : Friday, July 01, 2016 10:05:14 PM
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The 3x in Authorized Share Capital... Kuna Kitu.
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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VituVingiSana
#56 Posted : Friday, July 01, 2016 10:09:09 PM
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The 3x in Authorized Share Capital... Kuna Kitu. What is the question...
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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Aguytrying
#57 Posted : Saturday, July 02, 2016 10:40:21 AM
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VituVingiSana wrote:
The 3x in Authorized Share Capital... Kuna Kitu. What is the question...


Hopefully institutional investors coming in. or more acquisitions. This company is still settling down in terms of ownership structure and as a group.The finished product should be beautiful. However this means dilution to existing shareholders
The investor's chief problem - and even his worst enemy - is likely to be himself
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VituVingiSana
#58 Posted : Saturday, July 02, 2016 12:27:55 PM
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Aguytrying wrote:
VituVingiSana wrote:
The 3x in Authorized Share Capital... Kuna Kitu. What is the question...


Hopefully institutional investors coming in. or more acquisitions. This company is still settling down in terms of ownership structure and as a group.The finished product should be beautiful. However this means dilution to existing shareholders
I think there is an acquisition in the works.
1) CDC is now a large shareholder.
2) Actis sold BCR [Rwanda] to I&M.
3) Michael Turner is on the board of dfcu [Uganda] and I&M
4) CDC may be in a position to 'offer' financing/connections for other acquisitions. Barclays?
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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The Great
#59 Posted : Saturday, July 02, 2016 5:25:35 PM
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Why do we have so many rights issues?
"Buy when there's blood in the streets, even if the blood is your own."
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VituVingiSana
#60 Posted : Saturday, July 02, 2016 9:44:18 PM
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The Great wrote:
Why do we have so many rights issues?

Some firms have stupid or greedy advisors. On one hand I&M is paying almost 1.6bn in dividends and then raising 750mn from a Rights Issue. What a waste of money.
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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