The Bank of Uganda (BoU) has granted an operating licence to I&M Bank (U) Ltd to begin operating in Uganda after changing its name from Orient Bank.
I&M Group Plc became the major shareholder of Orient Bank with a 90 percent stake in April 2021.
Speaking at the handover of the operating licence on Monday, 08 November 2021, the Deputy Governor, Dr Michael Atingi-Ego, said the innovative championing of digitalization made Orient Bank outstanding and remains one of the most attractive aspects in a world of technology-driven banking.
He said that he anticipates that the enhanced financial muscle and cross-border banking pedigree brought on by the I&M Group that has subsidiaries across east Africa will substantially power the bank to its next evolution.
Dr Ego also said I&M Group was attracted to Uganda because of a well supervised banking system.
“It has done well because the regulator, the banking sector, and the economy have also done well, for the majority of the last 28 years. Credible macroeconomic management, sound legal and regulatory policies, political stability, and an improving business environment have been key enablers along the way,” he said.
“We believe that the strong partnership between the Bank of Uganda and the banking sector has been constructive and will remain conducive for I&M Bank (U) Ltd going forward,” he added.
Having started in 1993, Orient Bank (U) Ltd, had 14 branches and 14 ATMs across the country, serving corporate, SME, and retail clients.