I&M Group PLC has edged closer to full ownership of its Tanzanian banking arm after increasing its stake in I&M Bank (Tanzania) Limited to 95.5 per cent, following the exit of minority shareholders PROPARCO and Microfinance East Africa Ltd.
The transaction, disclosed in a regulatory filing dated January 13, lifts the group’s effective shareholding from 84.9 per cent and comes after securing all requisite corporate and regulatory approvals.
The move consolidates I&M Group’s control over the Tanzanian unit, a key component of its broader East African banking footprint, and streamlines the ownership structure after the departure of development-focused investors that had backed the bank’s expansion in earlier years.
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The filing did not reveal the financial details of the acquisition, including the consideration paid or how the transaction was financed. It also made no reference to potential changes in management, board composition, or dividend arrangements at the Tanzanian subsidiary.
The acquired shares were previously held by PROPARCO, a French development finance institution, and Microfinance East Africa Ltd, a regional investor with a focus on financial inclusion. As a result of the deal, I&M Group’s total ownership, including shares held through I&M Bank Limited, rose by 10.6 percentage points to 95.5 per cent.
Tanzania remains one of East Africa’s largest and most competitive banking markets and continues to play a central role in I&M Group’s regional growth strategy.
