Orient Bank which has operated in Uganda since 1993 will now be referred to as I&M Bank (Uganda) Limited following the acquisition of 90 percent shareholding in this bank by I&M Holdings Limited, a Nairobi-based financial Group.
I&M Holdings Limited acquired the shares on 30 April 2021 and according to Business Daily Africa, I&M Holdings Limited of Kenya paid US$33.6 million in exchange for 90 percent shareholding in Orient Bank.
I&M Group officially launched its rebranded operations in Uganda today while promising to enhance financial technology and manufacturing through offering attractive digital focused solutions to customers.
Speaking during the rebrand event, Kumaran Pather, the Bank’s CEO said that I&M Uganda will focus on supporting critical sectors that impact growth across the region, including agriculture, transport, technology and manufacturing through offering attractive, digital-focused solutions.
Orient Bank has been the 12th largest bank, licensed and established commercial bank in Uganda. It promoted cashless transactions in Uganda having pioneered 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.