I&M Bank gets nod to launch in Uganda

Deputy Governor Bank of Uganda Michael Ating-Ego hands over license to MD I&M Group Kuamaran Pather [Courtesy]

I&M Group has received regulatory clearance from Bank of Uganda to launch operations in the country after acquiring 90 per cent shareholding in Orient Bank Uganda.

Group chair Sulaiman Kiggundu said the rebrand will go along with diverse products and services in the region. “The rebrand will not only unlock the bank’s potential, but will also enable it reach out to more customers within Uganda and Eastern Africa as a whole,” he said.

“Furthermore, the move will enable the bank to roll out a more diversified products and services to its target market.”

He said I&M Group will leverage on the experience of Orient Bank in Uganda to provide seamless banking solutions.

I&M Group was incorporated on August 16, 1950 and is listed on the Nairobi Securities Exchange.

While handing over the licence on Monday, Bank of Uganda Deputy Governor Michael Ating-Ego promised a cordial working relationship with the banking industry.