I&M Bank Uganda

Last updated

I&M Bank Uganda
Company typeSubsidiary of I&M Holdings Limited
Industry Financial services
Founded1993;31 years ago (1993)
Headquarters Kampala, Uganda
Key people
Suleiman I. Kiggundu Jr.
Chairman
Robin Bairstow
Managing Director & CEO [1]
Sam Ntulume
Executive Director [2]
Products Banking
RevenueIncrease2.svgAftertax:USh 11.507 billion (US$3.039 million) (2023) [3]
Total assets USh  944.48 billion (US$249.44  million) (2023) [3]
Number of employees
340 (2021)
Parent I&M Bank Group
Website Homepage

I&M Bank Uganda, [4] formerly Orient Bank, whose complete name is I&M Bank (Uganda) Limited, is a commercial bank in Uganda which is licensed by the Bank of Uganda (BOU), the central bank and national banking regulator. [5] [6]

Contents

Location

The bank's headquarters and main branch are located at Kingdom Kampala, Plot 31A-35A and 37A-39A, Nile Avenue, in the central business district of Kampala, Uganda's capital and largest city. The geographical coordinates of the bank's headquarters are: 0°19'03.3"N, 32°35'26.4"E (Latitude:0.317583; Longitude:32.590667). [7]

Overview

The bank is involved in all aspects of commercial banking, with emphasis on providing banking services to non-government organisations and their staffs. As of December 2023, the bank's total assets were valued at US 944.48 billion (US $249.44 million), with shareholders' equity of US 198.5 billion (approximately US $52.43 million). [3] [8]

History

The bank was founded in 1993 by a group of business people who were related by blood and marriage. [9]

In 1996, the bank opened its second branch in the city of Jinja, about one hour's drive east of the capital Kampala. In 2002, the bank acquired Trans-Africa Bank Limited, which had been declared insolvent by the BOU. [10]

Following a spate of Ugandan bank failures in the 1990s and early 2000s, the banking laws in Uganda were changed to bar family members from jointly owning more than 49 per cent in the same financial institution. Orient Bank was given a grace period to find a suitable investor. [11]

In April 2009, Bank PHB Group, a Nigerian financial services group, acquired 80 per cent shareholding in Orient Bank for a cash payment of US$62 million. [12] In August 2011, the group was itself declared insolvent by the Central Bank of Nigeria, and its assets and some liabilities were acquired by Keystone Bank Limited, which was owned by the Federal Government of Nigeria. [13]

In July 2014, international media reported that Keystone Bank planned to divest from Orient Bank. [14] In February 2015, Keystone Bank divested from Orient Bank by selling 42 per cent shareholding to the private equity firm 8 Miles Fund, whose shareholders include the celebrity and activist Bob Geldof. The remaining 38 per cent was sold to three individuals, namely Ketan Morjaria; one of the founders of the bank, Alemayehu Fisseha, and Zhong Shuang Quan. [15] [16]

Ownership

As of February 2015, the shareholding of the bank was as depicted in the table below: [17] [18] [19]

Orient Bank Stock Ownership In 2015
RankName of OwnerPercentage Ownership
1Ketan Morjaria49.0 [20]
28 Miles Fund42.0
3Alemayehu Fisseha4.5
4Zhong Shuang Quan4.5
Total100.0

Acquisition

In July 2020, I&M Holdings Limited signed an agreement with the shareholders of Orient Bank Limited, to buy 90 per cent equity in the issued share capital of Orient Bank Limited. The transaction was valued in excess of KSh 2 billion (US$20 million), and was subject to regulatory approval from Uganda and Kenya. [21]

In November 2020, the Business Daily Africa newspaper reported that I&M Holdings Limited of Kenya would pay US$33.6 million in exchange for 90 per cent shareholding in Orient Bank. After the acquisition has been concluded, the shareholding in the institution looks as illustrated in the table below. [22] [23]

I&M Bank Uganda Stock Ownership
RankName of OwnerPer centage Ownership
1Alemayehu Fisseha4.5 [22]
2Ketan Morjaria5.5 [22]
3I&M Holdings Limited90.0 [22]
Total100.0

The acquisition of 90 per cent shareholding in this bank by I&M Holdings Limited was concluded on 30 April 2021 when necessary approvals were obtained from the "Central Bank of Kenya, the Bank of Uganda, the Capital Markets Authority of Kenya and the Common Market for Eastern and Southern Africa (COMESA)". [24]

At the time it was acquired, I&M Bank Uganda, according to The East African newspaper, had a customer base of about 70,000, deposits worth KSh 18.2 billion (US$170.09 million), and a net loan book of approximately KSh 7.7 billion (US$71.96 million). At that time, the bank employed 340 members of staff, in 14 networked branches, and maintained 22 automated teller machines. [24]

On 8 November 2021, Orient Bank rebranded to I&M Bank Uganda, following authorization by the Bank of Uganda. [25]

In January 2022, the Business Daily Africa reported that the final price paid for the 90 per cent shares in Orient Bank had risen from KSh 3.6 billion to KSh 4.1 billion, after valuation of the quality of assets of the acquired subsidiary. (KSh 4.1 billion was about US$36.26 million on 31 January 2022). The final payment was expected to conclude in July 2022. [26]

Governance

The bank is governed by an eight-person board of directors, two of whom are executive directors and the other six are non-executive. Suleiman I. Kiggundu, Jr., one of the non-executive directors, is the chairman. Robin Bairstow is the managing director and chief executive officer. [1] Sam Ntulume serves as the executive director at the bank. [2]

Branch network

As of May 2021, the bank had a network of branches in the central, eastern, and northern regions of Uganda. The branches of the bank included the following locations: [27] [28]

  1. Main Branch - I&M Plaza, 6/6A Kampala Road, Kampala
  2. Acacia Branch: Acacia Shopping Mall, Kisementi, Kololo, Kampala
  3. Arua Branch: 1Acacia Mall, Kisementi, Kampala
  4. Bweyogerere Branch: Mamerito House, Jinja Road, Bweyogerere
  5. Entebbe Town Branch: 29 Kampala Road, Entebbe
  6. Jinja City Branch: 8 Lady Alice Muloki Road, Jinja
  7. Kabalagala Branch: 1900 Ggaba Road, Kabalagala, Kampala [29]
  8. Kawempe Branch: 78 Bombo Road, Kawempe, Kampala
  9. Kololo Branch: Nyonyi Gardens, 16/17 Wampeewo Avenue, Kololo, Kampala
  10. Ntinda Branch: Capital Shoppers Mall, Ntinda Road, Ntinda
  11. William Street Branch - William Street, Kampala.

See also

Related Research Articles

Spire Bank, formerly known as Equatorial Commercial Bank(ECB), is a commercial bank in Kenya, the largest economy in the East African Community. It is licensed by the Central Bank of Kenya, the central bank and national banking regulator.

Housing Finance Bank (HFB) is a commercial bank in Uganda. It is one of the commercial banks licensed by Bank of Uganda, the national banking regulator.

<span class="mw-page-title-main">Stanbic Bank Uganda Limited</span> Commercial bank in Uganda

Stanbic Bank Uganda Limited (SBU) is a commercial bank in Uganda and is licensed by the Bank of Uganda, the central bank and national banking regulator.

DFCU Bank, registered as the Development Finance Company of Uganda Bank Limited, is a commercial bank in Uganda. It is licensed by the Bank of Uganda (BoU), Uganda's central bank and national banking regulator.

Bank of Africa Uganda Limited, also known as BOA Uganda (BOAU), is one of the commercial banks in Uganda that have been licensed by the Bank of Uganda, the country's central bank and national banking regulator.

The Bank of Baroda Uganda Limited (BOBU), is a commercial bank in Uganda that is majority owned by the Indian government owned banking and financial service conglomerate Bank of Baroda. BOBU is one of the commercial banks licensed by the Bank of Uganda, the central bank and national banking regulator.

<span class="mw-page-title-main">Guaranty Trust Bank (Uganda)</span> Tier II financial institution in Uganda

Guaranty Trust Bank (Uganda), commonly referred to as GT Bank Uganda, is a Tier II credit services company in Uganda. It was previously licensed as commercial bank by Bank of Uganda, the central bank and the national banking regulator of that country. The Bank of Uganda gave GTBank Uganda from 1 April 2024 until 30 June 2024 to transition from a Tier I commercial bank to a Tier II credit company, due to capitalization issues.

KCB Group Limited, also known as the KCB Group, is a financial services holding company based in the African Great Lakes region. The Group's headquarters are in Nairobi, Kenya, with its subsidiaries being KCB Bank Kenya Limited, KCB Bank Burundi Limited, KCB Bank Rwanda Limited, KCB Bank South Sudan Limited, KCB Bank Tanzania Limited, KCB TMB Congo and KCB Bank Uganda Limited.

<span class="mw-page-title-main">Absa Bank Uganda Limited</span> Commercial bank in Uganda

Absa Bank Uganda Limited, formerly known as Barclays Bank of Uganda Limited, is a commercial bank in Uganda. It is licensed by the Bank of Uganda, the central bank and national banking regulator. The bank is a subsidiary of Absa Group Limited, a financial services conglomerate, based in South Africa, with banking subsidiaries in 12 African countries and representative offices in two other African countries. Absa Bank Group, whose shares trade on the JSE Limited, was reported to have total assets in excess of US$91 billion, as of October 2019. 

KCB Bank Uganda Limited, also KCB Bank Uganda, is a commercial bank in Uganda. It is licensed by the Bank of Uganda, the central bank and national banking regulator.

United Bank for Africa Uganda Limited, also UBA Uganda, is a commercial bank in Uganda. It is licensed by the Bank of Uganda, the central bank and national banking regulator. UBA Uganda is a subsidiary of the United Bank for Africa, headquartered in Lagos, Nigeria, with a presence in twenty African countries, the United Kingdom, France, and the United States. The stock of UBA Transnational trades on the Nigeria Stock Exchange under the symbol UBA.

Opportunity Bank Uganda Limited (OBUL), is a Tier II credit institution in Uganda. It was previously registered as a commercial bank by the Bank of Uganda, the central bank and national banking regulator. The institution received a commercial banking license on 25 September 2019.

<span class="mw-page-title-main">I&M Holdings Limited</span> Kenyan financial services conglomerate

I&M Holdings Limited, also I&M Bank Group, is a conglomerate comprising banks, an insurance company and investment advisory businesses. The group's headquarters are located in Nairobi, Kenya, with subsidiaries in Kenya, Mauritius, Rwanda, Tanzania and Uganda. The flagship company of the group is I&M Bank Limited, with headquarters in the I&M Bank Tower on Kenyatta Avenue in the central business district of Nairobi, Kenya's capital and largest city.

Commercial Bank of Africa (CBA) was a financial services provider headquartered in Nairobi, Kenya, the largest economy in the East African Community. CBA was licensed by the Central Bank of Kenya, the central bank and national banking regulator.

Commercial Bank of Africa Group is a financial services provider in East Africa. Its headquarters are located in Nairobi, Kenya, with subsidiaries in Kenya, Rwanda, Tanzania, Uganda and Ivory Coast.

Exim Bank (Uganda) (EBU), commonly known as Exim Bank, is a commercial bank in Uganda. It is one of the commercial banks licensed by the Bank of Uganda (BOU), the central bank and national banking regulator. EBU is a member of the Exim Bank Group (East Africa), a large financial services conglomerate with subsidiaries in Tanzania, Comoros, Uganda and Djibouti. The group also maintains a representative office in Ethiopia.

<span class="mw-page-title-main">MTN Uganda</span> Largest telecom company in Uganda

MTN Uganda is the largest telecom company in Uganda, with 11.2 million subscribers, accounting for 55 percent market share, as of 30 June 2017. By 31 December 2019, its customer base had increased to 12.6 million customers. In March 2021, the Uganda Communications Commission estimated the number of MTN customers in Uganda at 15 million, out of 28.3 million mobile network subscribers, thereby attaining a 53 percent market share. In May 2024, MTNU registered her 20 millionth customer in the country.

Old Mutual Holdings Plc, Formally known as UAP Holdings Limited, is an investment, retirement, and insurance group that operates mainly in Eastern Africa. UAP Holdings is one of the leading insurance and financial services groups in eastern Africa with a network of branches and operational subsidiaries spread across the greater eastern and central Africa regions.

<span class="mw-page-title-main">Equity Group Holdings</span> Financial services holding company based in the African Great Lakes region

Equity Group Holdings Limited (EGHL), formerly Equity Bank Group, is a financial services holding company based in the African Great Lakes region. EGHL's headquarters are in Nairobi, Kenya, with subsidiaries in Kenya, Uganda, Tanzania, South Sudan, Rwanda, Democratic Republic of the Congo and a representative office in Ethiopia.

Letshego Microfinance Uganda,, whose official name is Letshego Uganda Limited, is a Tier IV microfinance institution in Uganda.

References

  1. 1 2 SoftPower (31 August 2023). "Robin Bairstow Appointed New I&M Bank Uganda Chief Executive Officer". SoftPower Uganda. Kampala, Uganda. Retrieved 1 September 2023.
  2. 1 2 CEO Magazine Reporter (17 November 2021). "I&M Bank Uganda appoints Sam Ntulume Executive Director". CEO Magazine Uganda. Kampala, Uganda. Retrieved 21 January 2022.
  3. 1 2 3 I&M Bank Uganda (22 April 2024). "Audited Financial Statement for the Year Ended 31 December 2023". I&M Bank Uganda. Kampala, Uganda. Retrieved 25 April 2024.
  4. ↑ "I&M Bank Uganda". I&M Bank Uganda - Best Bank for Personal And Business banking.
  5. ↑ Bank of Uganda (30 June 2020). "List of licensed Commercial Banks as at 30 June 2020" (PDF). Bank of Uganda . Kampala. Retrieved 20 July 2020.
  6. ↑ Godfrey Ivudria (8 November 2021). "Orient Bank Rebrands To I&M Bank". East Africa Business Week . Kampala, Uganda. Retrieved 8 November 2021.
  7. ↑ Google (8 November 2023). "Location of the headquarters of I&M Bank Uganda Limited, Kampala, Uganda" (Map). Google Maps . Google. Retrieved 8 November 2023.
  8. ↑ Muhereza Kyamutetera (22 April 2024). "I&M Bank Uganda's Net Profits Grow By 105.4 Percent To UGX 11.5 Billion". CEO Magazine Uganda. Kampala, Uganda. Retrieved 25 April 2024.
  9. ↑ Wakabi, Michael (6 December 2010). "Orient Bank Shareholders Take URA To Court". Nairobi: The EastAfrican . Retrieved 1 May 2014.
  10. ↑ Orient Bank (25 May 2018). "The History Of Orient Bank". Kampala: Orient Bank. Retrieved 25 May 2018.
  11. ↑ Juuko, Sylvia (23 April 2009). "Orient Bank changing shareholders". New Vision . Kampala. Retrieved 25 May 2018.
  12. ↑ Busuulwa, Bernard (2 May 2009). "Nigerian firm acquires Uganda's Orient Bank". The EastAfrican . Nairobi. Retrieved 25 May 2018.
  13. ↑ Ighomwenghian, Kingsley; Eazee, Lucy (5 August 2011). "Nigeria: CBN Revokes Afribank, Bank PHB, Spring Bank Licences". The Daily Independent Lagos via AllAfrica.com . Retrieved 25 May 2018.
  14. ↑ Onu, Emele (24 July 2014). "Nigeria's Keystone Bank To Sell Units In Three African Countries". Bloomberg News . Retrieved 27 December 2014.
  15. ↑ Mwesigwa, Alon (4 March 2015). "Orient Bank Finds Saviour In Popular Rock Musician". The Observer (Uganda) . Retrieved 9 May 2015.
  16. ↑ Special Correspondent (7 March 2015). "Nigeria's Keystone Bank sells stake in Orient, exits Uganda". The EastAfrican . Nairobi. Retrieved 25 May 2018.
  17. ↑ Muhumuza, Mark Keith (26 February 2015). "Orient Bank Sold To Private Equity Firm". Daily Monitor . Kampala. Retrieved 26 February 2015.
  18. ↑ Elias Biryabarema (24 February 2015). "Bob Geldof's 8 Miles Fund Buys Stake In Ugandan Bank". Reuters . Retrieved 9 May 2015.
  19. ↑ Mark Keith Muhumuza (27 February 2015). "Orient Bank Founders Bounce Back To Revive Institution". Daily Monitor . Kampala. Retrieved 9 May 2015.
  20. ↑ "Nigeria's Keystone Bank Sells Stake In Orient, Exits Uganda". The EastAfrican (Nairobi). 7 March 2015. Retrieved 7 March 2015.
  21. ↑ Victor Juma (20 July 2020). "I&M seeks to expand Uganda presence with Orient Bank buyout". Business Daily Africa . Nairobi, Kenya. Retrieved 20 July 2020.
  22. 1 2 3 4 Victor Juma (9 November 2020). "I&M to buy Ugandan lender for Sh3.6bn". Business Daily Africa . Nairobi, Kenya. Retrieved 9 November 2020.
  23. ↑ Hannington Mbabazi (9 November 2020). "Banking Group I&M Set To Pay USD 33.6m For Orient Bank Uganda Take Over". The Capital Times Uganda. Kampala, Uganda. Retrieved 1 December 2020.
  24. 1 2 James Anyanzwa (3 May 2021). "I&M Bank Completes Acquisition of Ugandan Lender". The East African . Nairobi. Retrieved 3 May 2021.
  25. ↑ Martin Luther Oketch (8 November 2021). "Orient Bank now I&M Bank Uganda Limited". Daily Monitor . Kampala, Uganda. Retrieved 8 November 2021.
  26. ↑ Elizabeth Kivuva (31 January 2022). "I&M Bank set to complete paying for Ugandan unit in July". Business Daily Africa . Nairobi, Kenya. Retrieved 31 January 2022.
  27. ↑ Orient Bank (20 July 2020). "Branch List and ATM Locations of Orient Bank Limited". Kampala: Orient Bank Limited. Retrieved 20 July 2020.
  28. ↑ Uganda Radio Network (4 May 2021). "Kenya's I&M Acquires Orient Bank". Daily Monitor . Kampala. Retrieved 10 May 2021.
  29. ↑ New Vision (6 June 2010). "Orient Starts e-Tax Service As Kabalagala Branch Opens". New Vision . Kampala. Retrieved 25 May 2018.

0°19′03″N32°35′26″E / 0.317583°N 32.590667°E / 0.317583; 32.590667

This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.