The benefits of Orient Bank’s acquisition and subsequent rebranding to I&M Bank Uganda and thereafter integration into the larger I&M Group Plc are unfolding with the bank’s release of its first full year under the I&M brand. In results released today, the bank reported an 8.9% jump in customer deposits from UGX573.7 billion to UGX624.6 billion in 2022, reversing a 2-year declining trend in which deposits reduced from an all-time high of UGX673.5 billion in 2019 to UGX573.7 billion in 2021. Riding on a boost in customer deposits, the bank drove a 19% jump in lending⏤ from UGX196.8 billion to…
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It is now one year since the I&M Bank brand was ushered into the Ugandan Market. What has been the journey like so far? The last year has been about consolidation and positioning ourselves as “I&M Bank Uganda” in the market. Orient Bank was a solid brand in this market, having been here for 28 years and with loyal customers- so we couldn’t just rush the transition. It had to be deliberate so that no one is left behind. I am glad that has gone very well. The second thing, after the name change, was the integration of our…
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On Tuesday November 8 2022, I&M Bank Uganda Ltd marked one year of serving the Ugandan market. The bank started its operations in Uganda in 2021, after acquiring Orient Bank. I&M Bank Uganda has over the past one year focused on being client centric, supporting its clients to grow with it, and providing seamless digitalised banking services. To commemorate the milestone, the bank rolled out a series of activities centred around its employees, customers, and communities who have played a key role for its smooth operations. The celebrations started with the bank treating its staff to a sumptuous breakfast that…
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Financial advisory giants I&M Burbidge Capital in partnership with BDO East Africa held the BDO-I&M Burbidge Capital Symposium at UAP Business Park Nakawa on Tuesday, September 27, aiming to provide clients with innovative and practical solutions to their financial challenges. The symposium enriched the invited guests that comprised high-net-worth individuals and I&M Bank corporate customers with the intricacies of a successful capital raising process and the major pitfalls to avoid in the changing tax environment. Speaking during the symposium, I&M Bank Managing Director and Chief Executive Officer Kumaran Pather noted that the bank has made significant strides in the past…
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I&M Bank Uganda has held a study tour for Mbarara University students as it ramps up the education and skills development component of its corporate social responsibility programme. In a bid to mentor and offer practical skills to tomorrow’s business leaders, the bank hosted final year students that major in marketing and procurement at its headquarters in Kampala, where students were taken through curated course briefs in marketing and procurement, pointing them to practical and technical aspects that make a successful brand. During the programme, I&M Bank Uganda’s Managing Director and Chief Executive Officer, Kumaran Pather briefed the team about…
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On 8th November 2021, Orient Bank rebranded to I&M Bank Uganda following the completion of the acquisition of 90 per cent shareholding of the Orient Bank by I&M Group Plc. I&M Bank Uganda builds on a foundation and legacy of trust acquired over the last 28 years and most importantly now taps into I&M Group Plc’s 48-year legacy that has seen the group rise to over USD3.6 billion (UGX12.5 trillion) in assets as of December 2021. I&M Group currently operates in 5 countries- Kenya, Tanzania, Rwanda, Uganda and Mauritius as Bank One- a joint venture between I&M Group Plc and…
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Orient Bank’s 28-year legacy meets I&M Group’s 48-year regional experience and financial strength I&M Bank Uganda builds on 28 years’ uninterrupted legacy of Orient Bank based on trust and personalized banking. This legacy fuses into I&M Group Plc’s 48-year legacy that has seen the group rise to over USD3.6 billion (UGX12.5 trillion) in assets as of 31st December 2021. I&M Group Plc is listed on the Nairobi Securities Exchange (NSE) and has subsidiaries in five countries- Kenya, Tanzania, Rwanda, Mauritius and now Uganda. The group aspires to be ‘Eastern Africa’s Leading Financial Partner for Growth’. Therefore, I&M Bank Uganda is…
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I&M Group PLC officially launched its rebranded operations in Uganda today, following its acquisition of Uganda’s Orient Bank Ltd on 30th April 2021. The Ugandan bank will now operate as I&M Bank (Uganda) Limited and adopt the Group’s vibrant corporate logo and colours. The Nairobi-based financial Group announced that the rebrand comes after the I&M Group’s successful acquisition of a 90 per cent shareholding in Uganda’s Orient Bank Ltd earlier this year. This received regulatory approval from the Central Bank of Kenya, Bank of Uganda, Capital Markets Authority of Kenya as well as the Common Market for Eastern and Southern…
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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. Orient Bank Chairman, Mr. Suleiman Kiggundu has promised a seamless and efficient transition as I&M Bank officially enters the Ugandan financial services market with “innovative services and reliable financial solutions.” PHOTO/Courtesy According to Kumaran Pather, the Managing Director / CEO of Orient Bank Limited,…
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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,…
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