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New I&M Bank CEO Kumaran Pather details future plans
After the successful acquisition of Orient Bank Uganda by I&M Bank, a long journey to lies ahead until full integration is reached. Joining CNBC Africa for more is the new Managing Director and CEO of I&M Bank Uganda limited, Kumaran Pather.
Thu, 25 Nov 2021 10:08:04 GMT
Disclaimer: The following content is generated automatically by a GPT AI and may not be accurate. To verify the details, please watch the video
AI Generated Summary
- I&M Bank Uganda poised for growth following acquisition of Orient Bank Uganda
- Emphasis on digitization to enhance client experiences and expand market reach
- Strategic focus on regional expansion, cross-border trading, and innovative product offerings
I&M Bank Uganda is set for a transformative journey following the successful acquisition of Orient Bank Uganda, as detailed by its new Managing Director and CEO, Kumaran Pather. The acquisition marks a strategic move that will not only expand the bank's presence in the Eastern African markets and the Indian Ocean Islands but also present new opportunities for seamless cross-border transactions for Ugandan clients. With Orion Bank's 28-year legacy and market position, the transition to a tier one bank under I&M Group's umbrella is expected to be smooth, given the solid capitalization and digital advancements in place. Pather shared that the bank's focus on digitization will revolutionize client experiences, offering multiple digital channels for efficient transactions.
While I&M Group is currently listed on the Nairobi Stock Exchange, plans to list on the Uganda Securities Exchange remain uncertain. However, with the regional partnership opportunities at hand, cross-border trading initiatives have already been launched to leverage the group's collective experience and drive innovation across markets. Pather highlighted the significance of learning from the COVID-19 pandemic, emphasizing the bank's commitment to supporting clients through revamped solutions and product offerings to navigate the evolving financial landscape.
In terms of digital investments, I&M Bank Uganda is eyeing a strategic revamp of existing processes and systems to establish itself as a digitally savvy institution catering to premium clients and large corporates. Short-term goals involve enhancing current product offerings while progressively introducing new digital solutions to meet customer demands. Looking ahead, the bank's vision is to become Eastern Africa's leading financial partner for growth, focusing on empowering prosperity for clients, staff, shareholders, and communities.
The overarching theme of I&M Bank Uganda's strategic direction under Kumaran Pather's leadership is one of growth, innovation, and client-centricity. Through a robust digitization program and regional expansion initiatives, the bank is poised to revolutionize the financial landscape in Uganda and beyond, offering seamless cross-border transactions, innovative products, and unparalleled customer experiences.
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