× Business BUSINESS MOTORING SHIPPING & LOGISTICS DR PESA FINANCIAL STANDARD Digital News Videos Health & Science Lifestyle Opinion Education Columnists Moi Cabinets Arts & Culture Fact Check Podcasts E-Paper Lifestyle & Entertainment Nairobian Entertainment Eve Woman Travelog TV Stations KTN Home KTN News BTV KTN Farmers TV Radio Stations Radio Maisha Spice FM Vybez Radio Enterprise VAS E-Learning Digger Classified Jobs Games Crosswords Sudoku The Standard Group Corporate Contact Us Rate Card Vacancies DCX O.M Portal Corporate Email RMS
×

I&M completes acquisition of Orient Bank Uganda

BUSINESS
By Correspondent | May 3rd 2021

I&M Bank building along Kenyatta Avenue in Nairobi (PHOTO: Boniface Okendo)

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.

Share this story
Online share of retail sales jumps to 19 per cent amid lockdowns – UN
China's Alibaba remained atop the rankings by GMV, followed by Amazon in the United States.
One in two people globally lost income due to the pandemic - Gallup
In Bolivia, Myanmar, Kenya, Uganda, Indonesia, Honduras and Ecuador, more than 70 per cent people polled said they took home less
.
RECOMMENDED NEWS
Feedback