The bank's headquarters and main branch are located at Kingdom Kampala, Plot 31A-35A and 37A-39A, Nile Avenue, in the central business districtofKampala, 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]
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 USh 944.48 billion (US$249.44 million), with shareholders' equity of USh 198.5 billion (approximately US$52.43 million).[3][8]
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 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]
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]
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]
As of May 2021[update], 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]
Main Branch - I&M Plaza, 6/6A Kampala Road, Kampala
Aftertax:USh 11.507 billion (US$3.039 million) (2023)[3]
