I&M Bank Uganda

I&M Bank Uganda is a commercial bank serving individuals, businesses, corporates and affluent customers in Uganda. The institution was established in 1993 as Orient Bank by a group of Ugandan business people connected through family relationships. It expanded beyond Kampala during its early years, opening a second branch in Jinja in 1996, and later acquired Trans-Africa Bank Limited after that institution was declared insolvent by the Bank of Uganda in 2002. The bank’s ownership history reflects the consolidation and regulatory restructuring of Uganda’s banking sector. Following a series of bank failures in the 1990s and early 2000s, Ugandan banking rules were changed to limit the proportion of a financial institution that could be jointly owned by related family members. Orient Bank was given time to bring in an external investor. In 2009, Nigerian financial-services group Bank PHB acquired an 80% interest. Bank PHB subsequently became insolvent in Nigeria in 2011, and its relevant assets and liabilities were transferred to Keystone Bank. Keystone later sought to exit Orient Bank. In 2015, 42% of the bank was sold to 8 Miles Fund, while the remaining 38% formerly associated with Keystone was sold to three individual investors. I&M Holdings Limited agreed in July 2020 to acquire 90% of Orient Bank, subject to regulatory approvals in Uganda and Kenya. The transaction was completed on 30 April 2021 after approvals from the Central Bank of Kenya, the Bank of Uganda, Kenya’s Capital Markets Authority and the Common Market for Eastern and Southern Africa. At the time of the acquisition, the bank reportedly served about 70,000 customers, had 14 networked branches and 22 automated teller machines, and employed approximately 340 people. The acquisition extended I&M Group’s regional banking platform into Uganda alongside its existing East African operations. On 8 November 2021, Orient Bank was formally rebranded as I&M Bank Uganda after authorization from the Bank of Uganda. The bank’s service scope includes retail and personal banking, business and corporate banking, lending, deposits, payments, transactional services, digital and card-related services, and wealth-management offerings. Its branch presence has covered Kampala and other urban centres in central, eastern and northern Uganda, including Jinja, Entebbe and Arua. The bank is regulated and licensed by the Bank of Uganda. Its headquarters and principal branch are in central Kampala. According to figures reported for December 2024, total assets increased by 16% to UGX 1.1 trillion from UGX 944 billion, while shareholders’ equity rose by 10% to UGX 219 billion from UGX 199 billion. These figures indicate continued balance-sheet growth, although the supplied reference material does not provide a complete current account of profitability, capital ratios, branch numbers or digital-banking usage.

I&M Bank Uganda originated as Orient Bank, founded in 1993 by a group of Ugandan business people linked through blood and marriage. Its early development took place during a period of rapid change in Uganda’s banking industry. The bank opened a second branch in Jinja in 1996, extending its presence outside Kampala. In 2002, it acquired Trans-Africa Bank Limited after the latter was declared insolvent by the Bank of Uganda. A series of bank failures in Uganda prompted changes to banking law during the 1990s and early 2000s. The revised framework restricted related family members from jointly controlling more than 49% of a financial institution. Because Orient Bank’s original ownership was associated with a family-linked group, it was given a period in which to identify an appropriate outside investor. In April 2009, Bank PHB Group, a Nigerian financial-services company, acquired 80% of Orient Bank for a reported cash consideration of US$62 million. Bank PHB was declared insolvent by Nigeria’s central bank in 2011. Keystone Bank subsequently acquired relevant Bank PHB assets and certain liabilities, including the investment connected with Orient Bank. By 2014, reports indicated that Keystone intended to divest. The exit took place in February 2015: 42% was sold to 8 Miles Fund, a private-equity investor, and the remaining 38% was transferred to three individual investors identified in contemporary reporting as Ketan Morjaria, Alemayehu Fisseha and Zhong Shuang Quan. The next major change came in July 2020, when I&M Holdings Limited agreed to purchase 90% of Orient Bank. The transaction required regulatory review in both Uganda and Kenya. Completion was announced on 30 April 2021 after approval by the Central Bank of Kenya, the Bank of Uganda, Kenya’s Capital Markets Authority and COMESA. At the time, the bank was described as having roughly 70,000 customers, 14 branches, 22 ATMs and about 340 employees. Reporting also placed deposits at approximately KSh 18.2 billion and the net loan book at approximately KSh 7.7 billion, using the financial information available at the time of the acquisition. After the acquisition, the institution was integrated into the I&M Group’s regional banking platform. On 8 November 2021, Orient Bank was renamed I&M Bank Uganda with the Bank of Uganda’s authorization. The rebrand connected the Ugandan operation with I&M’s broader East African identity while retaining its local commercial-banking role. The bank’s activities include retail banking, corporate and business banking, lending, savings and deposit products, payments, cards, ATM services, digital banking and wealth management. Its reported branch footprint has included Kampala and other locations in Uganda’s central, eastern and northern regions. The headquarters are located in central Kampala at Kingdom Kampala. Reported December 2024 figures showed total assets of UGX 1.1 trillion, compared with UGX 944 billion a year earlier, and shareholders’ equity of UGX 219 billion compared with UGX 199 billion. The available material does not establish a complete current leadership roster, current network size or detailed product performance.

1. 2024Assets and equity increase

   Reported year-end figures show assets of UGX 1.1 trillion and shareholders’ equity of UGX 219 billion.

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2. 2021Acquisition closes

   The 90% acquisition is completed on 30 April after multi-jurisdictional regulatory approvals.

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3. 2021Orient Bank becomes I&M Bank Uganda

   The bank completes its rebrand on 8 November.

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4. 2020I&M Holdings signs acquisition agreement

   I&M Holdings agrees to acquire 90% of Orient Bank, pending regulatory approval.

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5. 2015Keystone Bank exits

   Keystone-related ownership is sold to 8 Miles Fund and three individual investors.

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6. 2009Bank PHB acquires a majority stake

   Bank PHB Group acquires 80% of Orient Bank.

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7. 2002Trans-Africa Bank acquisition

   Orient Bank acquires Trans-Africa Bank Limited after its insolvency declaration by the Bank of Uganda.

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8. 1996Second branch opens in Jinja

   The bank expands beyond Kampala by opening a branch in Jinja.

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9. 1993Orient Bank is founded

   The institution that later became I&M Bank Uganda is established by a group of Ugandan business people.

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A full-service Ugandan commercial bank combining local market coverage with the regional capabilities and ownership of I&M Group.

• Retail and personal bankingConsumer banking

  Services for individual customers, including deposit accounts, savings, payments, cards, ATM access and personal borrowing. The supplied sources identify retail banking as a core business area but do not provide a complete current product catalogue.

• Business and corporate bankingCommercial banking

  Banking services for companies and other organizations, including transactional accounts, lending and payment-related facilities. The bank’s historical customer base and branch network support its role as a general commercial bank in Uganda.

• Wealth managementWealth management

  Wealth-management services for affluent and investment-oriented customers. The reference material confirms this business area but does not specify the individual advisory, investment or portfolio products offered.

• Digital, card and ATM bankingPayments and digital banking

  Electronic and self-service banking capabilities associated with cards, automated teller machines and digital channels. The bank operated 22 ATMs at the time of the 2021 acquisition; current channel coverage is not established by the supplied sources.

• 2021Rebrand from Orient Bank to I&M Bank UgandaStrategy

  Following I&M Holdings’ acquisition, the Ugandan subsidiary was aligned with the parent group’s regional brand.

  What changed. The institution changed its name to I&M Bank Uganda on 8 November 2021 with Bank of Uganda authorization.

  Aftermath. The rebrand established the bank as the Ugandan operating company within I&M Group.

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• 2020Agreement to acquire 90% of Orient BankM&A

  I&M Holdings sought to expand its regional banking platform by purchasing a controlling interest in Uganda’s Orient Bank.

  What changed. The parties signed an acquisition agreement in July 2020, subject to approvals in Uganda and Kenya.

  Aftermath. The transaction received the required approvals and was completed on 30 April 2021.

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• 2024I&M Bank Uganda reports balance-sheet growth in 2024

  Reported December 2024 figures showed total assets of UGX 1.1 trillion, up from UGX 944 billion, and shareholders’ equity of UGX 219 billion, up from UGX 199 billion.

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• 2021Acquisition of Orient Bank completed

  The acquisition was completed on 30 April 2021 after approvals from the Central Bank of Kenya, the Bank of Uganda, Kenya’s Capital Markets Authority and COMESA.

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• 2021Orient Bank rebrands as I&M Bank Uganda

  Orient Bank adopted the I&M Bank Uganda name on 8 November 2021 following authorization from the Bank of Uganda.

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• 2020I&M Holdings agrees to acquire 90% of Orient Bank

  I&M Holdings Limited signed an agreement to purchase a 90% interest in Orient Bank, subject to approvals from regulators in Uganda and Kenya.

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1. I&M Bank Uganda