I&M Bank diversifies its business into wealth management

I&M Bank has taken a significant step towards revenue diversification by introducing its Wealth Management and Advisory Business. This move is aimed at providing investment options and value-added services to its customers, particularly targeting the premium and high-net-worth segments that have been traditionally served by the bank's standard banking arm. The decision to venture into wealth management comes after careful consideration of the evolving needs of clients and the desire to offer tailored investment solutions that align with their goals and risk profiles. With operations in multiple countries across the East African community region, I&M Bank identified a growing demand for wealth management services among its existing customer base. The bank's new approach involves engaging customers in detailed discussions to understand their financial objectives, lifestyle needs, and risk tolerance before structuring personalized investment portfolios. By offering a diverse range of products and services, including local fixed income investments, offshore opportunities through Bank One, insurance products, and money market funds, I&M Bank aims to cater to a broad spectrum of client preferences and investment goals. During an interview with CNBC Africa, Silas Mutuku, CEO of I&M Bank Capital, emphasized the bank's commitment to providing professional advisory services and leveraging its experienced investment advisors to ensure superior wealth management solutions. Mutuku highlighted the role of the bank's sister company, Bank One, in facilitating access to international markets and partnering with top fund managers to deliver competitive returns to clients. In a competitive market environment where several players offer similar wealth management services, I&M Bank distinguishes itself through its focus on personalized client interactions, professional expertise, and seamless digital platforms. By digitizing the entire trading process and integrating it with customers' bank accounts, the bank aims to enhance user experience and provide convenient access to global investment opportunities. As an industry veteran with over 27 years of experience in banking and finance, Mutuku brings a wealth of knowledge and insights to his role as CEO of I&M Bank Capital. His extensive experience in diverse markets across Africa and Europe positions him well to lead the bank's wealth management initiatives and build on its reputation for excellence and client trust. The establishment of I&M Bank Capital as a separate entity from I&M Bank Barbados, which focuses on corporate advisory services, underscores the group's strategic decision to specialize in serving the distinct needs of high-net-worth individuals and premium banking clients. By offering a dedicated subsidiary for wealth management and advisory services, I&M Bank aims to enhance its market position and provide a comprehensive suite of financial solutions to a discerning clientele. In the current economic landscape shaped by the ongoing COVID-19 pandemic, the traditional investment sectors like real estate have faced challenges, prompting wealthy investors to seek more secure and diverse opportunities. I&M Bank recommends exploring alternative investment avenues such as government bonds, sovereign bonds, and international stocks that have shown resilience and growth potential amid market volatility. Looking ahead, I&M Bank's foray into wealth management signifies a strategic shift towards holistic financial services that encompass investment planning, risk management, and tailored solutions for high-net-worth individuals. With a strong emphasis on customer-centricity, professional expertise, and digital innovation, I&M Bank is well-positioned to drive business growth and meet the evolving needs of its affluent client base.