This archive report was first published on 3 May 2021.
On April 30, 2021, I&M Holdings Plc. finalized its acquisition of a 90% stake in Orient Bank Ltd, a privately-owned lender in Uganda, as part of its regional expansion strategy.
According to a statement released on Monday, the acquisition received necessary approvals from the Central Bank of Kenya, Bank of Uganda, Capital Markets Authority of Kenya, and the Common Market for Eastern and Southern Africa (Comesa).
The acquisition deal, valued at Ush96.75 billion ($26.93 million), was agreed upon in July 2020.
"I&M Group aspires to be Eastern Africa's leading financial partner for growth," said Sarit Raja Shah, I&M's Group Executive Director. "The acquisition of OBL will place I&M Bank in an advantageous position to capitalize on the growth in the Eastern African economies and thereby ultimately increasing shareholder value."
With this acquisition, I&M Bank gains an additional net loan asset of about Ksh7.7 billion ($71.96 million), deposits of Ksh18.2 billion ($170.09 million), a customer base of 70,000, a staff component of 340 employees, and a network of 14 branches and 22 automated teller machines (ATMs) across Uganda.
As of now, I&M Bank has Ksh358.09 billion ($3.34 billion) worth of assets and a total of 79 branches in Kenya (41 branches), Rwanda (18 branches), Tanzania (8 branches), and Mauritius (12 branches).
