Suresh Bhagwanji Shah’s I&M acquires prime commercial building in Tanzania

Key Points

• I&M Group acquired a prime $18.6 million property in Dar es Salaam’s CBD to serve as its new Tanzanian HQ, reinforcing its long-term regional expansion strategy.
• The building, renamed I&M House@1046, will host a flagship branch and undergo upgrades to align with modern banking standards and regulatory requirements.
• I&M Bank Tanzania posted a 243% profit surge in 2024, underscoring the market’s potential and validating the Group’s investment in permanent infrastructure.

I&M Group, a leading financial services conglomerate founded by Kenyan businessman Suresh Bhagwanji Shah, has acquired a prime commercial building in Dar es Salaam for $18.55 million as part of its ongoing regional expansion.

The property, now known as I&M House@1046, will serve as the new Tanzanian headquarters for the Nairobi-listed lender and host one of its flagship branches. Located in the heart of the city’s central business district, the acquisition signals I&M’s long-term commitment to the East African market and its ambition to scale operations in Tanzania.

Strategic asset to fuel regional growth

Acquired through I&M Realty Tanzania, the bank’s property investment subsidiary, the new facility is undergoing upgrades to meet modern banking standards and regulatory requirements. Executives describe the purchase as a strategic investment aligned with Tanzania’s economic growth prospects, enabling I&M to better serve clients in the country’s financial capital.

In its full-year financial report briefing dated March 26, 2025, I&M Bank Tanzania remains one of the Group’s key regional operations, contributing 5.1 percent to the Ksh20.8 billion ($160.77 million) profit before tax reported for the year ended December 31, 2024.

The Tanzanian unit delivered a 243.04 percent surge in profit before tax, rising to Ksh1.06 billion ($81.93 million) from Ksh309 million ($2.39 million) a year earlier, driven by asset growth and improved recoveries.

The performance further strengthened the case for investing in a permanent headquarters to support the bank’s growing footprint in the market. The transaction is currently awaiting final regulatory approval and is expected to close in the coming weeks, subject to standard compliance procedures.

Shah’s vision for a Pan-East African banking powerhouse

Founded in 1974 by Kenyan tycoon Suresh Bhagwanji Shah, I&M Group is the holding company of I&M Bank, with operations in Kenya, Tanzania, Rwanda, and a joint venture in Mauritius.

Shah, credited with elevating I&M into a top-tier East African lender, owns 10.98 percent, or 178.5 million shares—of the Nairobi-listed group. He also controls MTZ Holdings, which recently acquired Nairobi Business Park, a prime commercial asset in Kenya’s capital.

The Group, with 62 branches spread over 22 countries, is accelerating its retail expansion through its iMara 3.0 strategy, aiming to double its Kenyan branch network to 100 by 2026. This ambition is matched regionally with the latest acquisition of a new headquarters in Dar es Salaam, Tanzania, one of its largest investments outside its home market.

The move cements I&M’s regional infrastructure and deepens Shah’s legacy of building a connected East African financial ecosystem rooted in innovation, accessibility, and long-term value creation.