I&M Group officially takes over Orient Bank
I&M Group officially launched its rebranded operations in Uganda on Monday, with a promise to enhance financial technology and manufacturing through offering attractive digital focused solutions to customers.
The colourful ceremony, which took place at Kampala Serena Hotel, follows I&M Group acquisition of Uganda’s Orient Bank Ltd on 30th April 2021.
The Ugandan bank will now operate as I&M Bank (Uganda) Limited and adopt the Group’s vibrant corporate logo and colours.
The Nairobi-based financial Group announced that the rebrand comes after the I&M Group’s successful acquisition of a 90 per cent shareholding in Uganda’s Orient Bank Ltd earlier this year.
This received regulatory approval from the Central Bank of Kenya, Bank of Uganda, Capital Markets Authority of Kenya as well as the Common Market for Eastern and Southern Africa (COMESA).
"The rebrand will not only unlock the bank’s potential, but also will enable it to reach out to more customers within Uganda, and in Eastern Africa as a whole.Further the move will enable the bank to roll out a more diversified product and service offering to its target market," said Suleiman Kiggundu, the bank’s chairman.
Speaking during the rebrand event, Kumaran Pather, the Bank’s CEO said that I&M Uganda will focus on supporting critical sectors that impact growth across the region, including agriculture, transport, technology and manufacturing through offering attractive, digital-focused solutions.
"I&M Group Plc and its subsidiaries have made significant investments in key sectors across Eastern Africa's regional economy, including banking and finance, SMEs, real estate, financial technology, trade, agriculture, and infrastructure," said Pather
"The rebranding is the latest step in an operations overhaul which has been ongoing for the last one year and has included retraining of staff, enhancing customer relations and upgrading its core banking system.” Mr. Pather added that “I&M Group has made significant investments in its technology infrastructure as part of its digital transformation journey in the region.Reflecting its commitment to its clients and the markets it serves, the bank and its staff have invested significant time and resources to refine the new I&M Bank brand and to seamlessly integrate new platforms and offerings.”
“We are extremely excited to announce today’s launch and rebrand, aligning our digital capabilities as well as our brand elements to keep pace with our industry leading achievements and our unique products and services within the East African region,” said Pather.
The entry of I&M Group into the Ugandan market was the missing link towards consolidation of the Group’s presence in East Africa and further positions the Group as one of Eastern Africa's leading financial partner for growth.
I&M Group PLC was incorporated on 16th August 1950 and is listed on the Nairobi Securities Exchange (NSE).
