Orient Bank which has been sold to I and M bank.

Orient Bank has announced the closure of several branches in three major regions Uganda. The bank will this month close its branches in Mbarara, Gulu and Mbale.

According to a statement released by the Bank, the closure is aimed at enhancing service experience to its customers. “This is in line with the Bank’s digital and optimization strategy aimed at enhancing service experience for our customers. This process has been done in a transparent manner and with relevant approval from the central bank.”

“The customers whose accounts are domiciled in the three branches have been notified. All customer accounts remain operational without any disruption. Customers can continue to access Orient Bank services at 14 branches and through our digital channels; Fastpay, Online Banking, Orient Mobile, Agency banking,” the bank said.

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Reports however indicate that the bank has been sold to I&M Holdings Limited, the owners of I&M Bank Kenya. Last year I&M Holdings Limited announced that they have reached an agreement to buy 90 per cent of Orient Bank Limited Uganda.

According to a letter to shareholders, I&M Holdings announced that; “I&M Holdings Plc agreed with shareholders of Orient Bank Limited for the sale and purchase of shares comprising 90 per cent of the issued share capital of Orient Bank Limited, a company incorporated in the Republic of Uganda.” The deal was sealed on July 17, 2020.

Orient bank is one of the leading Private sector commercial banks in Uganda since 1993. Its steady growth over the years can be attributed to its professional management and prudent Lending and investment policy.

In November 2002 Orient Bank successfully out-competed other Banks in taking over TransAfrica Bank Ltd., (TABL). This was a Bank of Uganda invitation bid, which Orient Bank won due to its Professional, Technical and Banking soundness.

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.

As of December 2019, the company’s total assets were KES:315.3 billion (US$2.95 billion), KES:60.9 billion (US$568.1 million). At that time, company maintained subsidiaries in five countries