Orient Bank Limited, has announced the appointment of three members to its Board of Directors.
The new members joining are Mr. Suleiman I. Kiggundu, Jr who now becomes an Independent Non-Executive Chairman; Mr. Bhartesh Shah and Mr. Allan Christopher Michael Low, both Non-Executive Directors.
Kiggundu replaces Mr. Michael Cook who has served on the Board for 15 years. As Chairman, he will be “responsible for leading the Board of Directors in fulfilling the Board’s responsibilities laid out in the Board’s Charter, Orient Bank’s Articles & Memorandum of Association and prevailing regulatory requirements in a manner that promotes profitability, growth, safety, and soundness of the Bank.”
The changes follow the April 2021 acquisition by I&M Holdings of a majority shareholding in Orient Bank Limited from 8 miles LLP and Morka Holdings Limited.
Board members who have been retained from the previous Orient Bank Board, include Ketan Morjaria, founder, strategic shareholder and Board member of both Orient Bank in Uganda and Credit Bank in Kenya as well as Kumaran Pather, the Bank’s Managing Director and CEO. Others are Joram Kahenano and Francis Magembe Byaruhanga, both Non-Executive Directors as well as Nicholas Ecimu, the Company Secretary and Andrew Ssekamwa, CPA, ACCA the Ag. Executive Director/Chief Financial Officer.
Commenting about the appointments Mr. Kumaran Pather, said: “We are extremely excited that the new board members are joining our team. Their vast experience in corporate and commercial business will serve as an excellent resource for both the Board and Management of the Bank. They identify with our commitment to the strategic direction in which the Bank is headed.”
He also said the Bank is extraordinarily grateful to Mr. Cook for “his leadership in fulfilling its vision to contribute to the economic and financial development of the country.”
Speaking on behalf of other board members, Mr. Kiggundu who also expressed gratitude to Mr. Cook, said he was “extremely honoured and excited to take on the role of Chairman for this hard-working and results-driven organization.”
Letters to My Younger Self: What Uganda’s CEOs and Professionals Wish They Knew at the Start“With the addition of these highly respected new members of our Board, it presents a great opportunity for us to partner with the other members of the Board, Management and Staff of the Bank to spearhead initiatives, policies and strategies that are guaranteed to move the Bank to its next phase,” he
Who are the incoming board members?
The new board members have vast financial services and board leadership experience in various markets especially on the African continent.
A Ugandan, Mr. Kiggundu was educated as an engineer and economist at Yale University. Over the past 25 years, he has served in senior leadership roles at various leading institutions, including Equator Bank, Equator Capital Partners, HSBC Bank plc and as the Regional Director for Africa at CDC Group plc. He also serves as a non-executive director of various companies, including GA Insurance Uganda and Kampala Hospital locally. He also chairs CFS Group (a pan-African, advisory & capital markets-oriented financial services group).
Mr. Low, is the Regional Director at I&M Group Plc. He previously held roles with Letshego Holdings Plc (Group CEO), National Bank of Kuwait (Deputy Head of International Banking), Standard Chartered Plc (various CEO roles in South Africa, East Africa and India and Chief Operating Officer at Korea First Bank Ltd, a subsidiary of the Group) as well as Goldman Sachs. He is a member of the Institute of Chartered Accountants in England & Wales, having graduated from St Peters College, Oxford University.
Bhartesh Shah is a visionary banking executive with extensive digital transformation and business growth experience in the banking industry in East Africa spanning over 25 years. The Loughborough University (Bachelor of Science (BSc); Banking & Finance and Warwick Business School; MBA graduate has worked in various senior roles at Standard Chartered Bank, Citi Group and Equity Bank, all in Kenya, before being appointed as the Group Chief Operations Officer for I&M Bank Ltd in February 2020.
