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.
Daily Monitor
Tuesday May 04 2021
Summary
The acquisition sees I&M take 90% of the bank from the UK-based investment group 8 miles LLP and Morka Holdings Limited, a financial company registered in Mauritius.
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A Kenyan banking group, I&M Holdings has entered the Ugandan market with the acquisition of Orient Ban Ltd, the 12th largest in Uganda.
The acquisition sees I&M take 90% of the bank from the UK-based investment group 8 miles LLP and Morka Holdings Limited, a financial company registered in Mauritius.
I&M and Orient Bank signed the acquisition agreement in July 2020, which was completed last month, after receiving the necessary approvals from the Central Bank of Kenya, Bank of Uganda, Capital Markets Authority of Kenya, and the COMESA Competition Authority.
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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