I&M Bank acquires Uganda’s Orient Bank, eyes more expansion opportunities

I&M Holdings Plc has made a strategic move by acquiring a majority stake in Uganda's Orient Bank Limited from 8 miles LLP and Morka Holdings Limited. This acquisition marks a significant expansion for I&M Bank, aiming to strengthen its presence in East Africa. In a recent interview with CNBC Africa, Chris Low, the Regional Director of I&M Holdings, shed light on the details of the acquisition and the future plans for the bank. The acquisition process was complex, involving approvals from regulatory authorities such as the Bank of Uganda, the Central Bank of Kenya, and other competition authorities. Despite the challenges, I&M Holdings successfully closed the deal and now looks forward to integrating Orient Bank into its operations. Low emphasized that the acquisition of Orient Bank aligns with I&M Group's growth strategy, providing a foothold in Uganda and enhancing its regional presence. While Orient Bank may not be a top-tier institution in the region, Low highlighted that the bank has undergone significant improvements in the past 18 months, making it an attractive investment opportunity. Looking ahead, Low expressed optimism about the acquisition's long-term value, expecting it to drive positive returns for I&M Holdings and its shareholders. When discussing the impact on employees, Low reassured that there are no immediate plans for significant restructuring. Instead, I&M Holdings plans to bring new products and services to Orient Bank, emphasizing digital advancements and customer service enhancements. Low also mentioned plans to establish a shared service center to streamline operations and improve efficiency. As I&M Holdings expands its footprint in East Africa, it aims to enhance its offerings in the retail and SME segments, leveraging its digital capabilities to attract new customers and drive business growth. Additionally, the bank is committed to building a resilient organization by focusing on regulatory compliance, cybersecurity, and environmental sustainability. With a strategic focus on driving business growth, building resilience, and optimizing the operating model, I&M Holdings is poised for further expansion and success in the region. In conclusion, Low highlighted the importance of geographic expansion, new business segments, and digital innovation in driving the bank's growth in 2021. With a strong emphasis on customer service and operational efficiency, I&M Holdings looks set to capitalize on new opportunities and strengthen its position as Eastern Africa's leading financial partner for growth.