I & M injects Ksh.550 million capital into Orient Bank

I & M injects Ksh.550 million capital into Orient Bank

I&M Group has injected Ksh.550 million ($5 million) to firm up the capital of its recent acquisition in Uganda’s Orient Bank. This is even as I&M seeks out additional second-tier capital to firm up the operations of its recent acquisition which opened doors for the group’s lending operations in the market. Earlier in April, I&M closed the acquisition of the lender at a cost whose finality awaits the completion of an audit which closes in the coming weeks. I&M Group is presently re-branding the outfit ahead of its integration to its larger regional lending outfit which includes I&M Bank Limited, I&M Bank Rwanda Plc and Bank One Limited in Mauritius. “The target timeline now that we have received all necessary approvals from the regulators and the registrar is to carry out the re-branding exercise which we expect to complete by the end of quarter three or in early quarter four,” said Orient Bank Chief Executive Officer Kumaran Pather in an investor call on Wednesday. Acquisition costs for the bank presently sit at Ksh.4.1 billion. The acquisition is further seen by I&M as part of its realignment strategy for growth which encompasses the right sizing of its foot print in the Eastern African market. The lender says it well consider further acquisitions as and when the optimal opportunity dawns. “Our strategy and ambition is Eastern Africa. By that, we are alluding to our interest of entering adjacent markets at the right time and right cost with the right opportunity,” said I&M Group Regional Director Chris Low.

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