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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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Congratulations to you (I&M Bank Uganda Limited) for completing the new ownership structure, thereby changing the name from Orient Bank (U) Ltd to I&M Bank (U) Ltd. I&M Group Plc became the major shareholder, with a 90 per cent stake, in April 2021. Having started in 1993, the precursor, Orient Bank (U) Ltd, has 14 branches and 14 ATMs across the country, serving corporate, SME, and retail clients. Orient Bank promoted cashless transactions in Uganda by pioneering the use of point-of-sale technology and deployed a rich suite of technology-driven services to include internet banking, mobile banking, Visa cards, American Express…
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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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The Hamis Kiggundu vs. Diamond Trust Bank (DTB) case took almost everyone by surprise. Everybody who knows the maverick businessman, the proprietor of Ham Enterprises and Kiggs International, knows that he and DTB have had a long cordial and reciprocal working relationship. It is a public secret that DTB has been at the centre of the businessman’s growth. In fact the bank was also a tenant at most of the businessman’s buildings as well. So mutual, that even when the businessman in October 2017, needed a USD10 million facility, and DTB Uganda could only lend him a maximum of USD5.5…
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The total assets of Uganda’s financial services industry reached UGX.45.81 trillion, or 44.3 percent of Uganda’s GDP, as at end December 2018. The banking sector, dominated 69% of these assets, followed by Pension Funds at 22%, then Funds under Management (6%) and lastly the insurance sector at 3%, according to Bank of Uganda’s Financial Stability Report, June 2019. According to the report, as at end June 2019, the banking sector, continued to flourish with commercial banks accounting for 95.2 percent (UGX30.3 trillion) of the banking sector’s total assets of UGX.31.8 trillion. This was followed by the Microfinance Deposit-taking Institutions (MDIs)…
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Hardly two years after assuming the role of Retail Banking Director at Barclays Bank, Uganda, Kumaran Pather is said to be headed to Orient Bank as Managing Director. According to 3 separate sources, this reporter talked to, Kumaran has resigned his position at Barclays Bank and as he waits for Bank of Uganda’s approval. Section 54 of the Financial Institutions Act (2004) requires all bank board directors to undergo a fit and proper test, carried out by the Central Bank. Orient Bank is Uganda’s 12th largest bank by assets (UGX750bn:2018) and 8th largest by customer deposits (UGX618: 2018). Kumaran is…
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Diana Ntamu_Director MUBS Entrepreneurship Centre teaching the third intake of Orient Business Academy After a successful vetting process, Orient Bank, together with the oldest business education center in Uganda, Makerere University Business School(MUBS) have officially kicked off the 2019 Orient Business Academy with 35 participants selected from the over 100 applicants that applied for the academy in June this year. Applicants were required to have had a registered business in operation between one and three years, with a turnover below shs120million. Based on the applications received, the bank noted that the highest number of applicants was mainly drawn from the…
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Orient Bank, one of the leading commercial banks in Uganda has partnered with Makerere University Business School (MUBS), Uganda’s oldest business education center, to train and facilitate over thirty small…
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