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Suresh Bhagwanji Shah, the famed Kenyan banking entrepreneur and visionary founder of I&M Bank Group, has witnessed a significant growth in his wealth, with gains of approximately $7 million from his investment in I&M. This is tied to the success of the lender’s shares on the Nairobi Securities Exchange, which represents a major improvement in Shah’s fortunes.
Over the last 41 days, I&M shares have surged, resulting in a remarkable rise of Ksh919.35 million ($6.97 million) in the market value of Shah’s holdings. His recent rise has restored his status as one of Africa’s wealthiest persons, reversing a downward trend.
Shah founded I&M in 1974, and it has grown to become East Africa’s premier financial services firm, with active activities in Kenya, Tanzania, and Rwanda, as well as a joint venture in Mauritius. Shah’s imaginative leadership is recognized with transforming I&M into a dominant player in the regional banking market.
I&M Bank’s share price has increased by 29.68% from Ksh17.35 ($0.1316) on Feb. 14 to Ksh22.50 ($0.1705), according to data from the Nairobi Securities Exchange. This spike has pushed the group’s market value past $280 million, resulting in significant gains for owners, including Shah.
Shah’s interest in the group has witnessed a significant increase in market value, rising from Ksh3.10 billion ($23.47 million) to Ksh4.02 billion ($30.43 million) at the time of reporting.
This significant gain not only solidifies Shah’s position as one of the wealthiest investors on the Nairobi Securities Exchange, but it also reinforces his influence and success as a renowned businessman in Kenya.
