UPDATE STATEMENT ON THE PROPOSED ACQUISITION OF ORIENT BANK LIMITED BY I&M HOLDINGS PLC

On 17th July 2020, the Shareholders of Orient Bank Limited (‘the Bank’) entered into an agreement with I&M Holdings PLC for the sale of 90% of the issued share capital of the Bank. The transaction is subject to conditions including regulatory approvals from the Bank of Uganda, Central Bank of Kenya, and Capital Markets Authority of Kenya.

Upon completion of the transaction, the remaining 10% shareholding shall be held by Dr. Ketan Morjaria (a founding member of Orient Bank) and Mr. Alemayehu Fisseha.  Subject to receipt of regulatory approval, Dr. Ketan Morjaria shall continue to be a member of the Board of Directors of the Bank.

The Bank’s Board and Management wish to advise the public that the proposed transaction is entered into, as part of the Bank’s growth strategy aimed at becoming a leading player in Uganda’s banking industry and part of a strong and growing regional banking group.

We wish to reassure all our customers and other stakeholders that the Bank will continue to operate as normal whilst the process of obtaining regulatory approval is ongoing.

 

Management