I&M Bank completes acquisition of Ugandan lender
Monday May 03 2021
Summary
I&M said the acquisition was completed on April 30, 2021 after the transaction received the necessary approvals.
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I&M Holdings Plc. has completed the acquisition of 90 percent shareholding in Uganda’s privately-owned lender Orient Bank Ltd (OBL) as part of its regional expansion plan.
In a statement Monday, I&M said the acquisition was completed on April 30, 2021 after the transaction received the necessary approvals from the Central Bank of Kenya, Bank of Uganda, Capital Markets Authority of Kenya and the Common Market for Eastern and Southern Africa (Comesa).
The agreement for the deal priced at Ush96.75 billion ($26.93 million) was made in July last year.
I&M Holdings PLC Completes Acquisition Orient Bank Limited in Uganda
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I&M Holdings PLC Completes Acquisition Orient Bank Limited in Uganda
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 bank and a licensed and established commercial bank 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 the Ugandan entity. 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.
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