I&M Group PLC has grown its stake in I&M Bank Tanzania after completing the acquisition of shares previously held by development finance institution PROPARCO and Microfinance East Africa Ltd (MEAL).
The transaction, which has received corporate and regulatory approvals, raises I&M Group’s shareholding in the Tanzanian subsidiary from 84.9% to 95.5%. The increased stake includes shares already held by I&M Bank Limited.
“The Board extends its appreciation to PROPARCO and MEAL for their longstanding partnership, support and contributions that have played a crucial role in IMTz success and achievements to date,” said I&M Group in a statement.
The transaction reflects a broader trend among regional banks to consolidate ownership in key markets across East Africa.
PROPARCO, a subsidiary of the French Development Agency, and MEAL had been minority shareholders in the bank for several years, during which time I&M Bank Tanzania expanded its balance sheet and customer base. Their exit marks the end of a partnership that helped support the bank’s growth and governance during its earlier stages.
I&M Group said the acquisition represents a further step in strengthening its presence in Tanzania, one of the region’s largest economies. The bank is expected to continue operating under its existing brand and management structure, with no immediate changes announced following the transaction.