Like any other firm, you have to look at the details.

I expect a hefty split thanks to the 'high' price of City Trust. And splits seem to generate excitement.

@sparkly, touché. .... are lockup of the anchor shareholders expected in this listing arrangement?

To add to @Sparkly, some of my thoughts:

I like NIC but I also worry about the bank's future growth in a crowded field. It has new operations in Uganda & bought a smallish bank in Tanzania. Except for the ndegwa businesses, does it have sufficient 'large' clients who do cross-border business?

I&M is not in Uganda. Actis sold BCR (Rwanda) to I&M. I understand Actis had 60% of DFCU (listed in Uganda) on the block too. Was it too much for I&M to swallow in one bite? Perhaps after digesting BCR, I&M can bid for DFCU using 'listed' shares as currency. If they are smart about it, go for a cross-listing on the USE & RSE to generate buzz & goodwill.

Tanzania: The growth has been rapid per the Annual Report. http://www.imbank.com/tz/about-us/annual-reports/
Unlike Kenya, Tanzania is underbanked but also a tougher place to do business coz the socialists don't quite get 'loans' need to be repaid. Michael Shirima owns 5% of I&M Bank TZ and he is also the largest shareholder in Precision Air.

Rwanda: I&M bought BCR in 3Q 2012 (per the press releases) so it may take a few months to integrate it fully into the group. Rwandan firms do a lot of business with Kenyans & Tanzanians. I expect increased synergy with Tanzania rather than Kenya. An importer can use Tanga/Dar to import goods then move them to Rwanda. DRC is huge business for Kenyans & Rwandans. 20% owned by Government of Rwanda. I expect a listing of BCR or a cross-listing of I&M/City on the RSE.
http://www.bcr.co.rw/index.php/financial-reports

Mauritius: http://bankone.mu/en/financial_statements.aspx
Rapid growth of the bank in a small economy but Mauritius acts like a financial center bridging India & China to (South, Central & East) Africa. The 'safety' & good governance in Mauritius has encouraged businesses to incorporate there including some subsidiaries/associates of Transcentury & Britam. 50% owned by CIEL of Mauritius.

Kenya: It remains 'king' for I&M but it increasingly contributes a smaller percentage of the profits though 90%+ of absolute profits. Reading the papers, ads & press releases, they are ramping up in Western & Rift Valley. Is it coz of increased demand from clients or expansion into the economically significant counties? [New branches in Kisii, Eldoret & Nakuru]

Rich Today: City Trust firmed 2.56% to close at 400.00 which is a Fresh All Time Closing High. City Trust is the subject of a Reverse Takeover where I&M Bank will essentially list at the Securities Exchange via City Trust. City Trust trades on a PE Ratio of 47.2189 and the Equations around the Reversal of I&M into City Trust will require careful scrutiny because the inherent Bias might be for an expensive Valuation.