NAIROBI, Kenya, Apr 5 – I&M Bank Limited, through its wholly-owned subsidiary, I&M Insurance Agency Limited (IMIAL) has acquired Youjays Insurance Brokers Limited (YIB)
The move has seen the bank merge the two insurance entities into one.
The acquisition was completed upon receipt of necessary regulatory approvals from the Central Bank of Kenya, the Competition of Kenya Authority of Kenya and the Insurance Regulatory Authority of Kenya.
The Bank entered into this agreement in October 2017 to acquire all of the issued share capital of Youjays Insurance Brokers.
I&M Bank CEO Kihara Maina says the deal underpins the Group’s efforts in expanding revenue streams for its non-funded income portfolio in line with its iMara corporate strategy.
“This merger is yet another step in I&M Group’s journey of strategic mergers and acquisitions over the last decade. It will definitely scale up the Bank’s Bancassurance business portfolio where customers will continue to enjoy a wider range of insurance solutions via our network. I believe that the move will also help us penetrate the Bancassurance market further while continuing to deliver value to customers through market-driven insurance solutions,” Kihara reiterated.
YIB has a customer base of over 400 customers and an insurance premium portfolio of over Sh400 million.
“In selling the business to I&M Group, our clients, who we have served for more than 30 years, are in the right hands and will continue to enjoy the same level of personalized service that they experienced in the past,” YIB’s Director Uday Shah.
I&M Group continues to focus on mergers and acquisitions as part of its growth strategy.
The transaction with YIB adds to a list of previous successful strategic alliances that the Group has effectively completed, including the more recent ones such as the acquisition of Giro Commercial Bank Limited and I&M Burbidge Capital Limited.