This archive report was first published on 3 May 2021.
On 3rd May 2021, I&M Group announced the completion of its acquisition of Orient Bank Limited (OBL) in Uganda, marking a significant milestone in the company's expansion plans in the East African market.
According to Sarit Raja Shah, Group Executive Director of I&M, the acquisition positions the company to capitalize on the growth in Eastern African economies, ultimately increasing shareholder value.
"This acquisition is expected to give the Group greater capacity to grow profitably, through extending our network to our Regional customers," Shah added.
As part of the acquisition, I&M Group has acquired additional net loan assets of approximately KES 7.7 Billion, deposits of KES 18.2 Billion, a customer base of close to 70,000, a staff component of 340 employees, and a network of 14 branches and 22 ATMs across the country.
Through the acquisition, OBL customers will now benefit from I&M's robust infrastructure, which includes a technologically driven platform that offers a wide suite of market-driven financial solutions.
"The partnership with Orient Bank Limited is very timely since the Group plans to play a significant role in the growth of the banking sector in Uganda, as it has done in other East African markets," Shah noted.
