I&M Bank was founded in 1974 as a financial services company and later converted to a commercial bank.

I&M Bank is a wholly owned subsidiary of I&M Holdings PLC, a publicly quoted company at the Nairobi Securities Exchange (NSE). The bank possesses a rich heritage in banking. Started in 1974, it evolved from a community financial institution to a publicly listed major regional commercial bank offering a full range of corporate and retail banking services.

From June 2013, I&M Bank shares are publicly traded in the Nairobi Stock Exchange through the acquisition of its entire shareholding by I&M Holdings Ltd, a publicly listed company