I&M holdings has completed the purchase of 90% ownership in Orient Bank, a Uganda based commercial bank.
In a public statement dated 30th April 2021, the regional lender said, “I&M Holdings is pleased to inform its shareholders and the investing public that all of the regulatory and corporate approvals having been received and each of the conditions precedent to completion of the transaction having been fulfilled, the acquisition transaction was completed on the 30th April 2021”.
The acquisition is part of I&M’s strategy to expand its business in the East African region as competition intensifies in the banking industry. I&M holdings has businesses in Kenya, Uganda, Tanzania, Rwanda and Mauritius.
Orient Bank is one of the leading commercial banks in Uganda established in 1993. It runs 22 branches spread across Uganda and serves more than 68,000 customers. As of the end of December 2019, the bank had total assets worth KSh24.6 billion.
I&M Holdings Executive director Sarit Raja said, “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 capitalise on the growth in the Eastern African economies and thereby ultimately increasing shareholder value”.