I&M Bank Uganda
Type | Subsidiary of I&M Holdings Limited |
---|---|
Industry | Financial services |
Founded | 1993 |
Headquarters | Kampala, Uganda |
Key people | Suleiman I. Kiggundu, Jr. Chairman Kumaran Pather Managing Director & CEO[1] |
Products | Banking |
Revenue | Aftertax:UGX:1.053 billion (US$287,000) (2019)[2] |
Total assets | UGX:814.3 billion (US$221.58 million) (2019)[2] |
Number of employees | 340 (2021) |
Parent | I&M Bank Group |
Website | Homepage |
I&M Bank Uganda, formerly Orient Bank, whose complete name is I&M Bank Uganda Limited, is a commercial bank in Uganda which is licensed by the Bank of Uganda (BOU), the central bank and national banking regulator.[3][4]
Location[]
The bank's headquarters and main branch are located at Plot 6/6A Kampala Road, in the central business district of Kampala, Uganda's capital and largest city.[2] The geographical coordinates of the bank's headquarters are: 0°18'44.0"N, 32°35'08.0"E (Latitude:0.312222; Longitude:32.585556).[5]
Overview[]
The bank is involved in all aspects of commercial banking, with emphasis on providing banking services to non-government organisations and their staffs. As of December 2019, the bank's total assets were valued at UGX:814.3 billion (US$221.58 million), with shareholders' equity of UGX:114.1 billion (approximately US$31.05 million).[2]
History[]
The bank was founded in 1993 by a group of businesspeople who were related by blood and marriage.[6]
In 1996, the bank opened its second branch in the city of Jinja, about one hour's drive east of the capital Kampala. In 2002, the bank acquired Trans-Africa Bank Limited, which had been declared insolvent by the BOU.[7]
Following a spate of Ugandan bank failures in the 1990s and early 2000s, the banking laws in Uganda were changed to bar family members from jointly owning more than 49 percent in the same financial institution. Orient Bank was given a grace period to find a suitable investor.[8]
In April 2009, Bank PHB Group, a Nigerian financial services group, acquired 80 percent shareholding in Orient Bank for a cash payment of US$62 million.[9] In August 2011, the group was itself declared insolvent by the Central Bank of Nigeria, and its assets and some liabilities were acquired by Keystone Bank Limited, which was owned by the Federal Government of Nigeria.[10]
In July 2014, international media reported that Keystone Bank planned to divest from Orient Bank.[11] In February 2015, Keystone Bank divested from Orient Bank by selling 42 percent shareholding to a private equity firm 8 Miles Fund, whose shareholders include celebrity entertainer and activist Bob Geldof, and the remaining 38 percent was sold to three individuals, namely Ketan Morjaria; one of the founders of the bank, Alemayehu Fisseha, and Zhong Shuang Quan.[12][13]
Ownership[]
As of February 2015, the shareholding of the bank was as depicted in the table below:[14][15][16]
Rank | Name of Owner | Percentage Ownership |
---|---|---|
1 | Ketan Morjaria | 49.0[17] |
2 | 8 Miles Fund | 42.0 |
3 | Alemayehu Fisseha | 4.5 |
4 | Zhong Shuang Quan | 4.5 |
Total | 100.0 |
Acquisition[]
In July 2020, I&M Holdings Limited signed an agreement with the shareholders of Orient Bank Limited, to buy 90 percent equity in the issued share capital of Orient Bank Limited. The transaction is valued in excess of KSh2 billion (US$20 million), and is subject to regulatory approval from Uganda and Kenya.[18]
In November 2020, the Business Daily Africa newspaper reported that I&M Holdings Limited of Kenya would pay US$33.6 million in exchange for 90 percent shareholding in Orient Bank. After the acquisition has been concluded, the shareholding in the institution would look as illustrated in the table below.[19][20]
Rank | Name of Owner | Percentage Ownership |
---|---|---|
1 | Alemayehu Fisseha | 4.5[19] |
2 | Ketan Morjaria | 5.5[19] |
3 | I&M Holdings Limited | 90.0[19] |
Total | 100.0 |
The acquisition of 90 percent shareholding in this bank by I&M Holdings Limited was concluded on 30 April 2021 when necessary approvals were obtained from the "Central Bank of Kenya, the Bank of Uganda, the Capital Markets Authority of Kenya and the Common Market for Eastern and Southern Africa (COMESA)".[21]
At the time it was acquired, I&M Bank Uganda, according to The East African newspaper, had a customer base of about 70,000, deposits worth KSh18.2 billion (US$170.09 million), and a net loan book of approximately KSh7.7 billion (US$71.96 million). At that time, the bank employed 340 members of staff, in 14 networked branches, and maintained 22 automated teller machines.[21]
On 8 November 2021, Orient Bank rebranded to I&M Bank Uganda, following authorization by the Bank of Uganda.[22]
Governance[]
The bank is governed by an eight-person board of directors, two of whom are executive directors and the other six are non-executive. Suleiman I. Kiggundu, Jr., one of the non-executive directors, is the chairman. Kumaran Pather is the managing director and chief executive officer.[23]
Branch network[]
As of May 2021, the bank had a network of branches in the central, eastern, and northern regions of Uganda. The branches of the bank included the following locations:[24][25]
- Main Branch - Orient Plaza, 6/6A Kampala Road, Kampala
- Acacia Branch: Acacia Shopping Mall, Kisementi, Kololo, Kampala
- Arua Branch: 12 Avenue Road, Arua
- Bweyogerere Branch: Mamerito House, Jinja Road, Bweyogerere
- Entebbe Downtown Branch: 29 Kampala Road, Entebbe
- Entebbe Airport Branch: Entebbe International Airport
- Garden City Branch: Garden City Mall, Yusuf Lule Road, Kampala[26]
- Jinja Branch: 8 Lady Alice Muloki Road, Jinja
- Kabalagala Branch: 1900 Ggaba Road, Kabalagala, Kampala[27]
- Kawempe Branch: 78 Bombo Road, Kawempe, Kampala
- Kikuubo Branch: Grad Corner House, Kikuubo, Kampala
- Kololo Branch: Nyonyi Gardens, 16/17 Wampeewo Avenue, Kololo, Kampala
- Ntinda Branch: Capital Shoppers Mall, Ntinda Road, Ntinda
- William Street Branch - William Street, Kampala.
See also[]
- Banking in Uganda
- Ugandan Commercial Banks
- Credit Bank
References[]
- ^ Orient Bank (29 July 2021). "Board of Directors of Orient Bank". Orient Bank. Kampala. Retrieved 29 July 2021.
- ^ a b c d Orient Bank (29 April 2020). "Audited Financial Statement for the Year Ended 31 December 2019" (PDF). Kampala: Orient Bank Limited. Retrieved 20 July 2020.
- ^ Bank of Uganda (30 June 2020). "List of licensed Commercial Banks as at 30 June 2020" (PDF). Bank of Uganda. Kampala. Retrieved 20 July 2020.
- ^ Godfrey Ivudria (8 November 2021). "Orient Bank Rebrands To I&M Bank". East Africa Business Week. Kampala, Uganda. Retrieved 8 November 2021.
- ^ Google (20 July 2020). "Location of the headquarters of Orient Bank Limited, Kampala, Uganda" (Map). Google Maps. Google. Retrieved 20 July 2020.
- ^ Wakabi, Michael (6 December 2010). "Orient Bank Shareholders Take URA To Court". Nairobi: The EastAfrican. Retrieved 1 May 2014.
- ^ Orient Bank (25 May 2018). "The History Of Orient Bank". Kampala: Orient Bank. Retrieved 25 May 2018.
- ^ Juuko, Sylvia (23 April 2009). "Orient Bank changing shareholders". New Vision. Kampala. Retrieved 25 May 2018.
- ^ Busuulwa, Bernard (2 May 2009). "Nigerian firm acquires Uganda's Orient Bank". The EastAfrican. Nairobi. Retrieved 25 May 2018.
- ^ Kingsley Ighomwenghian, Lucy Eazee (5 August 2011). "Nigeria: CBN Revokes Afribank, Bank PHB, Spring Bank Licences". The Daily Independent Lagos via AllAfrica.com. Retrieved 25 May 2018.
- ^ Onu, Emele (24 July 2014). "Nigeria's Keystone Bank To Sell Units In Three African Countries". Bloomberg News. Retrieved 27 December 2014.
- ^ Mwesigwa, Alon (4 March 2015). "Orient Bank Finds Saviour In Popular Rock Musician". The Observer (Uganda). Retrieved 9 May 2015.
- ^ Special Correspondent (7 March 2015). "Nigeria's Keystone Bank sells stake in Orient, exits Uganda". The EastAfrican. Nairobi. Retrieved 25 May 2018.
- ^ Muhumuza, Mark Keith (26 February 2015). "Orient Bank Sold To Private Equity Firm". Daily Monitor. Kampala. Retrieved 26 February 2015.
- ^ Elias Biryabarema (24 February 2015). "Bob Geldof's 8 Miles Fund Buys Stake In Ugandan Bank". Reuters. Retrieved 9 May 2015.
- ^ Mark Keith Muhumuza (27 February 2015). "Orient Bank Founders Bounce Back To Revive Institution". Daily Monitor. Kampala. Retrieved 9 May 2015.
- ^ Special Correspondent, . (7 March 2015). "Nigeria's Keystone Bank Sells Stake In Orient, Exits Uganda". The EastAfrican (Nairobi). Retrieved 7 March 2015.CS1 maint: numeric names: authors list (link)
- ^ Victor Juma (20 July 2020). "I&M seeks to expand Uganda presence with Orient Bank buyout". Business Daily Africa. Nairobi. Retrieved 20 July 2020.
- ^ a b c d Victor Juma (9 November 2020). "I&M to buy Ugandan lender for Sh3.6bn". Business Daily Africa. Nairobi. Retrieved 9 November 2020.
- ^ Hannington Mbabazi (9 November 2020). "Banking Group I&M Set To Pay USD 33.6m For Orient Bank Uganda Take Over". The Capital Times Uganda. Kampala. Retrieved 1 December 2020.
- ^ a b James Anyanzwa (3 May 2021). "I&M Bank Completes Acquisition of Ugandan Lender". The East African. Nairobi. Retrieved 3 May 2021.
- ^ Martin Luther Oketch (8 November 2021). "Orient Bank now I&M Bank Uganda Limited". Daily Monitor. Kampala, Uganda. Retrieved 8 November 2021.
- ^ Samuel Muhimba (29 July 2021). "Orient Bank announces new board of directors". Nile Post Uganda. Kampala, Uganda. Retrieved 29 July 2021.
- ^ Orient Bank (20 July 2020). "Branch List and ATM Locations of Orient Bank Limited". Kampala: Orient Bank Limited. Retrieved 20 July 2020.
- ^ Uganda Radio Network (4 May 2021). "Kenya's I&M Acquires Orient Bank". Daily Monitor. Kampala. Retrieved 10 May 2021.
- ^ Vision Reporter (25 April 2010). "Orient Opens Garden City Branch". New Vision. Kampala. Retrieved 25 May 2018.
- ^ Vision Reporter (6 June 2010). "Orient Starts e-Tax Service As Kabalagala Branch Opens". New Vision. Kampala. Retrieved 25 May 2018.
External links[]
- Banks of Uganda
- Banks established in 1993
- Kampala District
- 1993 establishments in Uganda
- I&M Bank Group