This archive report was first published on 5 May 2021.
Kenyan Business Feed has learned that I&M Holdings has completed the acquisition of 90% ownership in Orient Bank, a leading commercial bank in Uganda, on April 30, 2021.
According to a public statement dated April 30, 2021, I&M Holdings announced that all regulatory and corporate approvals had been received, and all conditions precedent to the completion of the transaction had been fulfilled, allowing the acquisition to be completed on the same day.
The acquisition is a strategic move by I&M Holdings to expand its business in the East African region, where competition in the banking industry is intensifying. I&M Holdings has a presence in Kenya, Uganda, Tanzania, Rwanda, and Mauritius.
Orient Bank, established in 1993, is one of the leading commercial banks in Uganda, with 22 branches spread across the country and serving over 68,000 customers. As of December 2019, the bank had total assets worth KSh24.6 billion.
I&M Holdings Executive Director Sarit Raja stated, “I&M Group aspires to be Eastern Africa’s leading financial partner for growth. 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”.
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