I&M Holdings, Orient Bank chiefs laud deal in Uganda
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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.
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I&M Holdings has completed the acquisition of a 90% stake in Uganda’s Orient Bank in a deal valued at Ksh. 3.6 billion.
The firm, which is also listed in the Nairobi Securities Exchange (NSE) said in a statement that the transaction was completed on April 30 after receipt of the necessary approvals. The approvals were received from the Central Bank of Kenya (CBK), Bank of Uganda, Capital Markets Authority of Kenya and the COMESA Competition Authority.
The bank said the transaction has given it access to additional loans worth Ksh. 7.7 billion, deposits totaling to Ksh. 18.2 billion, 70,000 customers, 14 branches and 22 ATMs.
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I&M enters Uganda with Sh3.6bn acquisition of Orient Bank stake
Tuesday May 04 2021
By VICTOR JUMA
Summary
The Nairobi Securities Exchange-listed firm said in a statement that the transaction was completed on April 30 after receipt of the necessary approvals.
The lender says the transaction has given it access to additional loans worth Sh7.7 billion, deposits (Sh18.2 billion), 70,000 customers, 14 branches and 22 ATMs.
I&M Holdings #ticker:I&M has completed the acquisition of a 90 percent stake in Uganda’s Orient Bank Limited in a deal worth Sh3.6 billion.
The Nairobi Securities Exchange-listed firm said in a statement that the transaction was completed on April 30 after receipt of the necessary approvals from the Central Bank of Kenya, Bank of Uganda, Capital Markets Authority of Kenya and the Comesa Competition Authority.
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I&M Holdings PLC Completes Acquisition of Orient Bank Limited
By Soko Directory Team / Published May 3, 2021 | 11:38 am KEY POINTS
I&M Holdings PLC has announced the majority acquisition of Orient Bank Limited (OBL) from 8 miles LLP and Morka Holdings Limited
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 12
th 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.
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