I&M Holdings has acquired a 90% stake in Orient Bank after obtaining the required regulatory approval in the East African region. Orient Bank is a Ugandan commercial bank that is a licensed financial services provider for both retail and business clients. The bank was established in 1993 and was successful in buying TransAfrica Bank in 2002 to secure its position as a competitor in the Ugandan banking sector.
The bank has an equity base of over 114-billion Ugandan shillings and total assets of over 814-billion Ugandan shillings based on the latest financial information. Its risk weighted assets and total regulatory capital are above the minimum levels of 10% and 12% respectively as established under the Ugandan Central Bank. The acquisition of Orient Bank will provide I&M Holdings with the scale it needs to be a premier financial services group within East Africa.
I&M Bank (the main subsidiary of I&M Holdings), is the oldest financial services institution in Rwanda with services ranging from retail to business banking. The government holds 20% shareholding and the public holds 80% shareholding in the bank which is listed on the Rwandan Stock Exchange. The shareholders of I&M Holdings include CDC Group as well as local and foreign institutional and individual investors.