I&M Bank has announced the retirement of Mr. Suresh Bhagwanji Raja (SBR) Shah, its Founder and Chairman since 1974. Mr. Suresh has been subsequently succeeded by Mr. Oliver Fowler to serve as the new Chairman effective March 2021.
A statement from the bank said Shah will continue to remain on the Board as a Non-Executive Director.
With a carrer spanning 47 years as a banker, Mr. SBR Shah has led the Financial Services provider through its myriad of milestones such as acquisitions of Biashara Bank, Giro Bank, and Youjays Insurance in Kenya. He also oversaw the development of the Bank into a Financial Services Group that provides diverse solutions such as Real-estate, Financial Advisory and Bancassurance. During his tenure, I&M Bank moved from a tier 3 Bank to a tier 1 Bank.
His successor, Mr. Fowler, has been on the I&M Holdings Board since August 2015. He will take up the mantle and continue to lead the strategic direction for the I&M Bank board, as well as the Bank. He is a qualified Kenyan Advocate and an English Solicitor. He is a consultant at Kaplan & Stratton, Advocates where he was a partner and head of the Commercial Department for many years.
Mr. Fowler holds an LLB from the University of Bristol and was admitted to the Kenyan High Court in 1979. He also sits on boards of several companies.
Commenting on his retirement, SBR Shah said, “I take this opportunity to share my gratitude with the Board, Management and staff of I&M Bank for their support in building a solid financial institution that has contributed in shaping the livelihoods of citizens in this country over the years. I also take this opportunity to welcome Mr. Oliver Fowler on board and acknowledge his contribution as a Director on the I&M Holdings PLC Board over the years.”
Mr. Fowler resigned from his Director’s position on the Board of I&M Holdings upon his appointment to the Board of I&M Bank.
Speaking on his appointment, Mr. Fowler said, “It has been a remarkable honour to serve on the Board of I&M Holdings PLC since 2015 alongside Mr. Shah. We have benefitted so much from his guidance and counsel and are humbled by his achievements. We shall push his founding vision forward as we endeavour to be partners of growth for all our stakeholders.”