Covid-19: Orient Bank Closes Three Major Branches As I & M Holdings Warms Up For Take Over

Covid-19: Orient Bank Closes Three Major Branches As I & M Holdings Warms Up For Take Over

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By Spy Uganda

Kampala: Orient Bank has announced the closure of its branches in three major districts in Uganda; Mbarara, Gulu and Mbale.

Basing on the statement released by the Bank, the closure; ”Is in line with the Bank’s digital and optimization strategy aimed at enhancing service experience for our customers. This process has been done in a transparent manner and with relevant approval from the central bank.”

The bank says however that customers whose accounts are domiciled in the three branches have been notified and no disruptions will be caused by this development.

READ ALSO: Orient Bank Sales 90% Shares To Kenya’s I&M

”All customer accounts remain operational without any disruption. Customers can continue to access Orient Bank services at 14 branches and through our digital channels; Fastpay, Online Banking, Orient Mobile, Agency banking,” the bank said.

The development comes after the same bank previously announced that they sold to I&M Holdings Plc Limited 90 per cent of its share capital a deal that was sealed on July 17, 2020.

The remaining 10 per cent shareholding is held by Dr Kentan Morjaria, the bank founding member and Alernayehu Fisseha, the proprietor of General Supplies Limited who was owning 4.5% of the bank-according to the bank’s statement.

READ ALSO: Orient Bank Speaks Out On Sale Of 90% Shares To I&M

Following a major corporate restructuring in 2013-2014, I&M Holdings PLC became the parent company of all regional banking entities of the I&M Bank group.
As of March 2020, its total assets were approximately USD 3.2 billion, it had a branch network of 79 branches and a staff complement of over 2,030 spread across the five countries. Based on the share price as of March 2020, the company’s market capitalization was approximately USD 400 million.

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