NAIROBI, Kenya, Mar 14 – Local banking entity I&M Bank, has embarked on a rebranding exercise for all of the seven recently acquired Giro Commercial Bank Limited (GCBL) branches.
The branches acquired by I&M Bank are now undergoing a full brand conversion, effectively pushing up the I&M Bank Kenya’s network to 43 branches countrywide.
The recent successful acquisition of Giro Bank by I&M Group has continued to underline the viability of Bank consolidations in Kenya as part of a strategic effort to foster financial inclusion and sustained growth for the local banking sector.
Effective February 13, 2017, Giro Bank ceased to be a bank licensed by the Central Bank of Kenya.
All Giro Bank stakeholders including depositors, 110 employees, and creditors have been absorbed by I&M Bank.
I&M Bank Limited CEO Kihara Maina said the rebranding project will involve outfitting of the seven former GCBL Branches to the signature I&M Bank brand identity. The Bank is currently working on integrating GCBL’s data into I&M Bank systems.
“The integration is well aligned to the strategic aspirations of I&M Bank and is aimed at making the merged entity a more efficient and stronger bank. The strategic rationale of the acquisition includes pursuing scale to improve market penetration, filling portfolio gaps in business operations and creating value by improving overall business performance while creating wider access for product offerings,” Kihara said.
The consolidation, Kihara noted, has also served to underscore I&M Group’s expansion strategy, which seeks opportunities to expand both locally and regionally by way of acquisitions and green field projects where necessary.
Through the merger, I&M Group has acquired additional net advances of approximately Sh9.1 billion, and deposits of Sh12.6 billion besides other assets of approximately Sh6.7 billion.