I&M Completes Acquisition of Uganda’s Orient Bank

Commenting on the acquisition, I&M’s Group Executive Director, Sarit Raja Shah noted, “I&M Group aspires to be Eastern Africa’s leading financial partner for growth. The acquisition of OBL will place I&M Bank in an advantageous position to capitalise on the growth in the Eastern African economies and thereby ultimately increasing shareholder value.”

“This acquisition is expected to give the Group greater capacity to grow profitably, through extending our network to our Regional customers. Further it demonstrates our continued leadership role in the industry across East Africa”, Sarit Raja Shah added.

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Kumaran Pather, CEO of OBL said “The acquisition of OBL into I&M Holdings PLC will see the new entity rise to greater heights and allow us to broaden our market reach and penetration. The management of OBL are excited to be part of a large and fast growing Group and look forward to serving new and existing customers alike with better products, digital platforms and regional services.”

Through the acquisition, I&M Group has acquired additional net loan assets of approximately KES 7.7 Billion, deposits of KES 18.2 Billion, a customer base of close to 70,000, a staff component of 340 employees and a network of 14 branches and 22 ATMs across the country.

A clear plan for the integration of OBL has been developed and through its execution the Group expects to gain considerable business and operational synergies.

I&M Group has made significant investments in its robust infrastructure as part of its digital transformation journey. Through this acquisition, OBL customers will now benefit from this technologically driven infrastructure, which will give them a wide suite of market driven financial solutions aimed at meeting their financial and lifestyle requirements.

The I&M Group will continue to focus on mergers and acquisitions as part of its growth strategy, as we continue to enhance our shareholders’ value and to provide our customers with a wide network of banking solutions across the region.

The transaction with OBL adds to a list of previous strategic alliances that the Group has effectively completed such as the acquisition of Giro Commercial Bank Limited in Kenya, I&M Burbidge Capital Limited in Kenya and Uganda, CF Union Bank in Tanzania, BCR Bank in Rwanda and First City Bank in Mauritius.

In his concluding remarks, Mr. Sarit Raja Shah, noted, “Uganda has made great strides in improving access to financial services across the country. The partnership with Orient Bank Limited is very timely since the Group plans to play a significant role in the growth of the banking sector in Uganda, as it has done in other East African markets.”

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