I&M Holdings PLC has completed the acquisition of Orient Bank Ltd from 8 miles LLP and Morka Holdings Ltd. Orient Bank is the 12th largest lender in Uganda.
Orient Bank signed the deal in July 2020 for I&M Holdings to acquire 90 per cent shareholding in the Ugandan entity. The acquisition was completed on April 30, 2021, after approvals by the Central Bank of Kenya, Bank of Uganda, Capital Markets Authority and the Comesa Competition Authority.
I&M Group Executive Director Sarit Raja Shah said the deal will aid growth across the region. "The acquisition of OBL will place I&M Bank in an advantageous position to capitalise on the growth in the Eastern African economies,” he said.