I&M Holdings PLC Archives – CEO East Africa

I&M Holdings completes acquisition of Orient Bank, promises seamless regional access and superior services

Muhereza KyamuteteraBanking & Financial Services The Big StoryMay 3, 2021May 3, 2021

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. In a joint media statement, I&M Group said the acquisition…

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Orient Bank breaks silence over 90% stake sale, says Ketan Morjaria will remain minority shareholder and board member

CEO East Africa MagazineBanking & Financial ServicesJuly 23, 2020July 23, 2020

Orient Bank has broken its silence on the sale of its 90% stake to Kenya’s I&M Holdings PLC. In a statement titled: Update statement on the proposed acquisition of Orient Bank Limited by I&M Holdings PLC, published in local media, the bank states: “On 17th July 2020, the shareholders of Orient Bank limited (the Bank) entered into an agreement with I&M Holdings PLC for the sale of 90% of the issued share capital of the bank. The transaction is subject to conditions including regulatory approvals from the Bank of Uganda, Central Bank of Kenya, and Capital Markets Authority of Kenya,”…

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