Orient Bank now I&M Bank Uganda Limited
The Deputy Governor Bank of Uganda(BoU) Dr Micheal Ating-Ego handing over a license to the CEO of I&M Bank Uganda Ltd Mr Kumaran Pather at BoU on November 8 . PHOTO/COURTESY
What you need to know:
- I&M Holdings PLC is a regional banking and financial services group with a presence in Kenya, Tanzania, Rwanda, Mauritius and now Uganda.
The I&M Group PLC officially launched its rebranded operations Monday as I&M Bank Uganda Ltd after acquiring 90 percent shareholding in Uganda’s Orient Bank Ltd April 30, 2021.
The I&M management announced at Kampala Serena Hotel that the Ugandan bank will now operate as I&M Bank (Uganda) Limited and adopt the Group’s vibrant corporate logo and colours.
I&M Holdings PLC is a regional banking and financial services group with a presence in Kenya, Tanzania, Rwanda, Mauritius and now Uganda.
Listed on the Nairobi Securities Exchange with a market capitalization of KES 37.5 billion, it is regulated by the Capital Markets Authority as well as by the Central Bank of Kenya as a non-operating holding company.
I&M Holdings PLC (I&M Holdings), formerly known as City Trust Limited (CTL) was incorporated on August 16, 1950.
I&M Holdings PLC was licensed and approved as a non-operating holding company in accordance with the provisions of the Banking Act, Cap 488 Laws of Kenya following a reverse takeover of CTL by I&M Bank Limited in June 2013.
Speaking during the launch of the rebrand the bank chairman Mr Suleiman Kiggundu said: “The rebrand will not only unlock the bank’s potential, but also will enable it to reach out to more customers within Uganda, and in Eastern Africa as a whole. Further, the move will enable the bank to roll out a more diversified product and service offering to its targeted market.”
In Uganda, Orient Bank Limited has since 1993 registered steady growth in the number of branches that had even grown up to 20 but reduced to 14 across the country as of November 8.
The chief executive officer, Mr Kumaran Pather said I&M will focus on supporting critical sectors that impact growth across the country, including agriculture, transport manufacturing and through offering attractive digital –focused financial solutions to the customers.
“I&M Group Plc and its subsidiaries have made significant investments in key sectors across Eastern Africa’s regional economy, including banking and finance, SMEs, real estate, financial technology, trade and infrastructure,” he said.
The regional managing director, I&M Group, Mr Chris Low said ‘‘inclusive of Uganda, the I&M has an asset base of $ 2 billion and $2.2 deposit base which makes it a strong and resilient bank in the region.’’
