I&M Holdings PLC Completes Acquisition Of Uganda’s Orient Bank Limited

I&M Holdings PLC has announced the majority acquisition of Orient Bank Limited (OBL), a licensed and established commercial bank in Uganda from 8 miles LLP and Morka Holdings Limited.

In July 2020, I&M Holdings PLC and Orient Bank Limited signed an agreement for I&M Holdings PLC to acquire a 90% stake in the Ugandan entity. 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.

This acquisition supports the Group’s Business Growth initiatives by diversifying revenue sources through new market penetration and extending its Corporate, Business, Personal Banking, Treasury, and Trade Finance solutions to all of its Ugandan customers.