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 commercial bank licensed and established 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 Orient Bank.
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 East Africa, where Uganda was the missing link in the Group’s strategic effort to set up its presence in all East African countries.