I&M Bank, the latest financial institution to enter Uganda banking business has announced that they are moving their head office to Kingdom Kampala Mall on Nile Avenue effectively starting tomorrow.
“Dear customers, this is to inform you that to serve better, we have relocated our head office to Kingdom Kampala Mall located on plot 13A-35A, 37A-39A on Nile Avenue, Kampala effective Tuesday May 2, 2023” reads an internal circular to clients.
It further states that the functions that will be at the new location are that of Executive Office, Corporate banking products and channels, treasury, credit, legal, marketing and corporate communication and compliance.
I&M entered Uganda after acquiring majority shares of former Orient bank.
I&M Holdings PLC have acquired Orient Bank Limited from 8 miles LLP and Morka Holdings Limited. The acquisition process was completed on April 30, 2021 after receiving the necessary approvals from the Central Bank of Kenya, Bank of Uganda, Capital Markets Authority of Kenya and the COMESA Competition Authority.
Last year I&M Holdings Limited announced that they have reached an agreement to buy 90 per cent of Orient Bank Limited Uganda.
Through the acquisition, I&M Group has acquired additional net loan assets value of approximately Shs262 billion, deposits of Shs606 billion, a customer base of 68787, a staff component of 340 employees and a network of 14 branches and 22 ATMs across the country. A clear plan for the integration of OBL into the I&M Group has been developed and the Group expects to gain considerable business and operational synergies.
Kingdom Kampala Mall is owned by city tycoon Sudhir Ruparelia.