I&M Holdings PLC has announced the majority acquisition of Orient Bank Limited (OBL) from 8 miles LLP and Morka Holdings Limited.
OBL is the 12th largest bank and a licensed and established commercial bank in Uganda. I&M Holdings PLC and Orient Bank Limited signed an agreement in July 2020 for I&M Holdings PLC to acquire 90 percent shareholding of 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.
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.
Rwanda
Mauritius
Tanzania
Kenya
Uganda
Ugandan
Ketan-morjaria
Kumaran-pather
Sarit-raja-shah
Bob-koigi
Giro-commercial-bank
Lorient-bank
I&M Holdings, Orient Bank chiefs laud deal in Uganda
04
I&M Holdings, Orient Bank chiefs laud deal in Uganda
A deal reached between I&M Holdings Plc and 8 Miles LLP and Morka Holdings Limited to acquire majority stake at Orient Bank Limited paves way for a much stronger bank in Uganda. Currently OBL is the 12th largest licensed and established commercial bank in Uganda.
I&M Group’s executive director, Sarit Raja Shah.
I&M Holdings Plc and Orient Bank Limited signed an agreement in July 2020 to acquire 90 percent shareholding of 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.
Rwanda
Mauritius
Tanzania
Kenya
Uganda
Ugandan
Ketan-morjaria
Kumaran-pather
Sarit-raja-shah
Giro-commercial-bank
Lorient-bank
Im-holdings-plc