I&M Bank Officially Launches in Uganda
KAMPALA | Nairobi-based financial group I&M Group PLC has today, November 8th 2021, officially launched its rebranded operations in Uganda‘s capital, Kampala, following its acquisition of Uganda’s Orient Bank Ltd earlier this year on 30th April 2021. The Ugandan bank will now operate as I&M Bank (Uganda) Limited and adopt the groups corporate logo and colours.
The rebrand comes after the I&M Group’s successful acquisition of a 90 per cent shareholding in Uganda’s Orient Bank Ltd earlier this year, with regulatory approval from the Central Bank of Kenya, Bank of Uganda, Capital Markets Authority of Kenya as well as the Common Market for Eastern and Southern Africa (COMESA). The move is seen as part of the I&M Bank’s broader strategy to grow its business by increasing its geographical footprint across the Eastern African region.
“The rebrand will not only unlock the bank’s potential, but also will enable it to reach out to more customers within Uganda, and in Eastern Africa as a whole. Further the move will enable the bank to roll out a more diversified product and service offering to its target market,” said Mr. Suleiman Kiggundu, I&M Bank chairman.
Also speaking during the rebrand event Mr. Kumaran Pather, the bank’s CEO, said that I&M Bank Uganda will focus on supporting sectors that impact growth across the region, including agriculture, transport, technology and manufacturing through offering attractive, digital-focused solutions. “The group and its subsidiaries have made significant investments in key sectors across Eastern Africa’s regional economy, including banking and finance, SMEs, real estate, financial technology, trade, agriculture, and infrastructure,” said Pather.
“The rebranding is the latest step in an operations overhaul which has included retraining of staff, enhancing customer relations and upgrading the core banking system.” Orient Bank had been undergoing an equipment disposal exercise previously, in a process that was to make way for the rebrand. Mr. Pather added that, “the bank has made significant investments in its technology infrastructure as part of its digital transformation journey in the region. Reflecting its commitment to its clients and the markets it serves, the bank and its staff have invested significant time and resources to refine the new I&M Bank brand and to seamlessly integrate new platforms and offerings.”
The entry of the group into the Ugandan market was the missing link towards consolidation of the Group’s presence in East Africa and further positions the Group as Eastern Africa’s Leading Financial Partner for Growth through providing its target groups with innovative and market-driven banking solutions across the region.
I&M Group PLC was incorporated on 16th August 1950 and is listed on the Nairobi Securities Exchange (NSE). The Group has a presence in Kenya, Rwanda, Uganda, Tanzania, Mauritius and now, Uganda.
| The article contains excerpts from an I&M Bank Group Presser and Wikimedia, permitted for use on Nate’s Crest