Rebranding and name change of Orient Bank to I&M Bank (Uganda) Limited gets closer as share acquisition transaction closes

After finalisation of the share acquisition transaction, I&M Group has announced plans to rebrand its newly acquired business in Uganda, Orient Bank Ltd to I&M Bank (Uganda) Limited.

I&M Group PLC’s acquisition of 90% shareholding in Uganda’s Orient Bank Ltd (OBL) forms part of its broader regional expansion plan towards its ambition of becoming Eastern Africa’s leading financial partner for growth.

According to Kumaran Pather, the Managing Director / CEO of Orient Bank Limited, the rebranding exercise will be done in a phased manner, starting with a physical refresh of the branches (and ATMs/); and then over time to the rebranding of all other digital and other physical assets.

Commenting on the rebranding, Mr Suleiman Kiggundu, the Bank’s Chairman stated, “we are very excited to begin this new chapter as I&M Bank (Uganda) Limited. This will allow us to adopt our new name as well as become part of a growing, vibrant and well-respected brand across East Africa while retaining our strong and secure commitment to Uganda and its people through the provision of innovative service and reliable financial solutions.”  

“This is a major milestone for our business and we will be looking to engage with our stakeholders in the coming months as we celebrate the launch of the I&M Bank (Uganda) brand. We will seek to make this process as seamless and efficient as possible,” he added.

The acquisition by I&M Group and this rebranding marks the start of a new era for Orient Bank that has been in operation in Uganda for close to 30 years. 

Commenting about the rebranding, Kumaran Pather the Orient Bank Managing Director said: “I&M Group Plc and its subsidiaries have invested in crucial sectors of development across East Africa’s regional economy, including Banking and Finance, SMEs, Real Estate, Fintech, Trade, Agriculture and Infrastructure.  The Group will continue to play a critical role by investing in these sectors while offering holistic financial solutions to individuals, small businesses and large organizations in Uganda”.

“I&M has made significant investments in its technology infrastructure as part of its digital transformation journey. Therefore, being part of this Group is a great opportunity for Orient Bank customers who will now enjoy benefits from this technology with a wide suite of market-driven financial solutions aimed at meeting their financial needs and lifestyle requirements,” Kumaran added.

According to the statement made by the bank to its stakeholders, there will be no change to their account details, customers will continue to carry out their banking transactions as they did before the rebrand.

“The Bank is committed to ensuring that every customer experiences a seamless banking experience,” said the statement, adding that “there will be no fees or charges associated with the Bank’s name change for customers and all branches will continue to operate as usual, during normal banking hours.”

“Orient Bank’s cards will continue to work as before at ATMs, point-of-sale (POS) terminals and online until 31st December 2023, or their date of expiry if earlier and Orient Bank branded cheque leaves will be valid until 30^th September 2022— therefore the Bank will honour all instruments issued by it and used by its customers including those instruments of Orient Bank Limited throughout this transition period. Lastly, the Bank urges all customers to be vigilant and not to share their personal banking information with anyone during and after the name change,” concluded the statement.