Deputy Governor Bank of Uganda Michael Atingi-Ego has today handed over the banking license to I&M Bank (U) Limited effectively launching the activities of the bank that is taking over operations of Orient Bank Uganda Limited after purchasing majority stake in the company.
The license was issued on November 8th directors of I&M Bank Group at press conference at Serena Hotel Kampala.
I&M Group PLC also known as I&M Holdings is a Kenyan investment conglomerate dealing in Banking, Insurance and investment advisory services, the company has operations in Kenya, Tanzania, Rwanda and Mauritius.
With an after tax revenue of $100M (UGX 355 Billion) and a balance sheet of $2.95 Billion (UGX 10.4 Trillion), I&M Bank Group purchased 90% shareholding in Orient Bank Uganda from its Kenya shareholders for a reported $20M (UGX 71 Billion) in 2020, a transaction completed in April 2021 subject to approval by Bank of Uganda and Central Bank of Kenya.
Upon approval, I&M Bank Group has renamed Orient Bank Uganda to I&M as the group intensifies its operations in the East African region.
While handing over the license, Deputy Governor Bank of Uganda Michael Atingi Ego congratulated I&M Group PLC upon completion of the purchase, highlighting the success of Orient Bank under the macromanagement of Bank of Uganda in the recent years.
“Shareholders, Directors, Management, and Staff of I&M Bank (U) Ltd…..Congratulations to you for completing the new ownership structure, thereby changing the name from Orient Bank (U) Ltd to I&M Bank (U) Ltd. I&M Group Plc became the major shareholder, with a 90 percent stake, in April 2021.
“Having started in 1993, the precursor, Orient Bank (U) Ltd, has 14 branches and 14 ATMs across the country, serving corporate, SME, and retail clients. Orient Bank promoted cashless transactions in Uganda by pioneering the use of point-of-sale technology and deployed a rich suite of technology-driven services to include internet banking, mobile banking, Visa cards, American Express cards, Union Pay and agent banking.” Mr. Atingi-Ego said.
Orient Bank has been operating banking business in Uganda for the past 28 years with a reported UGX 814 Billion in assets as of 2019.
“And so, I am most pleased to hand over this banking license to I&M Bank (Uganda) Limited.” Deputy Governor Michael Atingi-Ego concluded his speech.