CF Union Bank
| Private | |
| Industry | Financial Services |
| Founded | 2002 |
| Headquarters | Dar es Salaam, Tanzania |
|
Key people
|
Sarit Raja Shah Chairman Baseer Mohammed' Chief Executive Officer |
| Products | Loans, Savings, Checking, Investments, Mortgages |
| Revenue |
 Pretax:US$2.26 million (TZS:3.81 billion) (2013) |
| Total assets | US$175.5 million (TZS:296.6 billion) (2013) |
|
Number of employees
|
100+ (2012) |
I&M Bank Tanzania Limited is a commercial bank in Tanzania, the second-largest economy in the East African Community. It is licensed by the Bank of Tanzania, the central bank and national banking regulator.
As of December 2013[update], the bank was a mid-sized financial institution, providing banking services to individuals and businesses, with emphasis on serving medium to large corporate clients. At that time, the bank's total assets were valued at approximately US$175.5 million (TZS:296.6 billion), with shareholders' equity estimated at US$17.4 million (TZS:29.4 billion).
The bank started operations in Tanzania in 2002 as CF Union Bank, with headquarters in Dar-es-Salaam. By 2010 it operated two branches in Dar-es-Salaam and a third branch in Arusha. In January that year, the shareholders of CF Union Bank sold the bank to a consortium headed by I&M Bank Group. Other investors in the consortium included PROPARCO, the French Development Agency, Kibo Fund, a private equity firm based in Mauritius and Michael Shirima, a Tanzanian businessman who is the largest shareholder in Precision Air. In September 2010, the bank changed its name from CF Union Bank to I&M Bank (Tanzania) Limited, to reflect the new ownership.
I&M Bank Tanzania Limited is owned by institutions and one private individuals as detailed in the table below:
I&M Bank Tanzania Limited is a member of the I&M Bank Group of companies. The Group is a leading financial services provider in East Africa, with an asset base estimated at over US$1.3 billion, as of December 2011. The group has operations in Kenya, Mauritius and Tanzania. The member companies of the Group include following:
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