Suresh Bhagwanji Raja (SBR) Shah, Founder and Chairman of I&M Bank since 1974, has retired after a 47-years tenure that saw him oversee the growth of I&M to a tier 1 lender from tier 3.
Suresh will, however, continue to remain on the Board as a Non-Executive Director.
A seasoned career banker, Mr SBR Shah has managed to drive the steady growth of I&M Bank Limited’s asset base to its current Kshs 305.08 billion.
He will be replaced by Mr Oliver Fowler to serve as the new Chairman effective March 2021.
Mr Fowler joined the board in August 2015. He is a qualified Kenyan Advocate and an English Solicitor and is a Senior Partner at Kaplan & Stratton Advocates.
His work encompasses commercial work, particularly financial, corporate and taxation matters and has been extensively involved in project finance, capital markets, banking and foreign investments sectors.
He holds an LLB from the University of Bristol and was admitted to the Kenyan High Court in 1979.
Mr Fowler takes up the mantle and will continue to lead the strategic direction for the I&M Bank Limited board, as well as the Bank.
He is a qualified Kenyan Advocate and an English Solicitor. He is also a Senior Partner at Kaplan & Stratton Advocates.
I&M Holdings Plc reported a 21.9% decline in Profit After Tax (PAT) to Ksh 8.4 billion in FY2020 attributed to a 288.5% in loan loss provisions. Customer deposits rose 14.3% to Ksh 262.7 billion from Ksh .229.7 billion in 2019.
I&M board of directors proposed a dividend of KSh 2.25 per share for the year 2020 and a bonus issue of one bonus share for every ordinary share to be issued to shareholders on the firm’s register at the close of business on 10th May 2021.