I&M Group acquires Orient Bank to extend banking services to Uganda.
After ravages of COVID-19 pandemic, climate change impacts, the cast of the 4th Industrial Revolution, the banking sector need to re-think of innovative strategies to transform the ways of work.
As part of the expansion plan for I&M Group PLC in the East African region, through financial partnership for growth, the group has rebranded operations in Uganda by acquiring Orient Bank Uganda on 30th April 2021 which will from now henceforth operate as I&M Bank Uganda.
The group has received regulatory clearance from Bank of Uganda launched their operations in Uganda after acquiring of 90% shareholding in Uganda’s Orient Bank.
The rebrand according to the I&M Group’s Board Chairman, Sulaiman Kiggundu go along in unrolling diverse products and services in the targeted market in Uganda and East Africa.
“The rebrand will not only unlock the bank’s potential, but also will enable it reach out to more customers within Uganda and Eastern Africa as a whole. Furthermore, the move will enable the bank to roll out a more diversified product and service offering to it’s target market” he said.
He said that I&M Group is going to leverage on the experience of Orient Bank in Uganda to provide seamless banking solutions to the customers across the region with innovative solutions that will facilitate trade and customers satisfaction.
While delivering his speech at the official launch of operations in Uganda on Monday 8th November 2021 at Serena Hotel, The Managing Director, IM Group, Kumaran Pather, that I&M Uganda will focus on supporting critical sectors that impact growth across the region, including agriculture, transport, technology and manufacturing through offering attractive, digital-focused solutions.
“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, agriculture, and infrastructure,” he said
Pather added that I&M Group investments made in its technology infrastructure as part of its digital transformation journey in the region to reflect its commitment to its clients and the markets it serves.
“We are extremely excited to announce today’s launch and rebrand, aligning our digital capabilities as well as our brand elements to keep pace with our industry leading achievements and our unique products and services within the East African region,” he said
While handing over the license to I&M Bank Uganda Limited earlier on Monday at the Bank of Uganda headquarters in picture above, The Deputy Governor Bank Of Uganda, Michael Ating-Ego welcomed the bank on Ugandan market and promised cordial working relationship while operating in Uganda.
He said that Bank of Uganda believes that working for the banking industry and the Uganda Bankers Association will entrench a vibrant and competitive banking sector.
“The spirit of working together was demonstrated when the banking industry and stakeholders, with BoU’s leadership, undertook decisive measures to sustain electronic transactions, relieve individual and SME borrowers, among others, and maintain financial sector stability amidst the unprecedented Covid-19 pandemic and shutdown of the economy” he said.
The Deputy Governor added that the precursor, Orient Bank started in 1993, and has reached to 14 branches and 14 ATMs across the country, serving corporate, SME, and retail clients. He said that Orient Bank promoted cashless transactions in Uganda by pioneering the use of point-of-sale technology and deployed a rich suite of technology-driven services to include internet banking, mobile banking, Visa cards, American Express cards, Union Pay and agent banking.
I&M Group PLC was incorporated on 16th August 1950 and is listed on the Nairobi Securities Exchange (NSE). I&M Group 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 City Trust Limited by I&M Bank Limited in June 2013. The Group has a presence in Kenya, Rwanda, Uganda, Tanzania and Mauritius.