Orient Bank Limited (OBL) has announced appointment of new members to its board of directors.
According to the bank’s press release issued on 28th July 2021, the new members joining the board include Mr. Suleiman I. Kiggundu, Jr. Who joins as an Independent Non-Executive Chairman, while Mr. Bhartesh Shah and Mr. Allan Christopher Michael Low join as Non-Executive Directors respectively.
Mr. Suleiman I. Kiggundu, Jr, the in-coming Chairman, will be responsible for leading the Board of Directors in fulfilling the Board’s responsibilities lain out in the board’s charter, Orient Bank’s articles and Memorandum of Association and prevailing regulatory requirements in a manner that promotes profitability, growth, safety, and soundness of the bank.
Commenting on the appointment of new board members, Mr. Kumaran Pather, Managing Director of Orient, said they are extremely excited that the new board members are joining OBL’s team.
“Their vast experience in corporate and commercial business will serve as an excellent resource for both the Board and Management of the Bank. They identify with our commitment to the strategic direction in which the Bank is headed.” Pather said.
He added, “The Chairmanship was vacated by Mr. Michael Cook who served on the Board for 15 years as the Chairman. The Bank is extraordinarily grateful to him for his leadership in fulfilling its vision to contribute to the economic and financial development of the country.”
Speaking on behalf of other board members, Mr. Suleiman I. Kiggundu, Jr. remarked that they were all pleased to join the bank and he thanked the outgoing chairman, Mr. Michael Cook.
In his concluding remarks, Mr. Kiggundu, Jr., noted, “I am extremely honored and excited to take on the role of Chairman for this hard-working and results driven organization. With the addition of these highly respected new members of our Board, it presents a great opportunity for us to partner with the other members of the Board, Management and Staff of the Bank to spearhead initiatives, policies and strategies that are guaranteed to move the Bank to its next phase.”
The appointment of the new board members comes three months after Kenyan firm, I&M Holdings acquired majority shareholding of Orient Bank Limited from 8 miles LLP and Morka Holdings Limited.
The transaction announced in April 2021, saw I&M acquire additional net loan assets value of approximately Shs 262 billion, deposits of Shs 606 billion, a customer base of 68,787, a staff component of 340 employees and a network of 14 branches and 22 ATMs across the country at the time.