I&M Holdings Plc has acquired a majority stake in Uganda’s Orient Bank Limited (OBL) from 8 miles LLP and Morka Holdings Limited.
In a statement Monday, I&M said the acquisition was completed on 30th April 2021 after receiving the necessary approvals from the Central Bank of Kenya, Bank of Uganda, Capital Markets Authority of Kenya and the COMESA Competition Authority.
I&M Holdings PLC and Orient Bank Limited signed an agreement in July 2020 for I&M Holdings PLC to acquire 90 per cent shareholding of the Ugandan entity.
“The move underscores I&M Group’s commitment to its growth and expansion strategy in Eastern Africa, where Uganda was the missing link in the Group’s strategic effort to set up its presence in all East African countries,” said I&M’s Group Executive Director, Sarit Raja Shah.
“This acquisition is expected to give the Group greater capacity to grow profitably, through extending our network to our Regional customers. Further, it demonstrates our continued leadership role in the industry across East Africa”, Sarit Raja Shah said.
I&M bank currently 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).