I&M Bank Uganda
I&M Bank Uganda is a Ugandan commercial bank formerly known as Orient Bank and part of Kenya-based I&M Holdings.
Last updated August 24, 2026
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Overview
I&M Bank Uganda is a commercial banking institution operating in Uganda. The business was established in 1993 as Orient Bank by a group of business people connected through family relationships. It expanded beyond Kampala in 1996 when it opened a branch in Jinja, and later grew through the acquisition of Trans-Africa Bank Limited, an insolvent institution that was taken over in 2002 with the involvement of the Bank of Uganda. The bank’s ownership history reflects the restructuring of Uganda’s banking sector. Changes to Ugandan banking rules following several bank failures in the 1990s and early 2000s restricted related family members from collectively owning more than 49% of a financial institution. Orient Bank was granted time to find an institutional investor. In April 2009, Bank PHB Group, a Nigerian financial-services company, acquired an 80% interest for a reported cash consideration of US$62 million. Bank PHB later became insolvent in Nigeria, and Keystone Bank acquired certain assets and liabilities. Keystone subsequently sought to exit its investment in Uganda. In February 2015, it sold a combined 42% interest to 8 Miles Fund, while the remaining 38% was sold to three individual investors. A major change came in July 2020, when Kenya-based I&M Holdings agreed to acquire 90% of Orient Bank. The transaction required approvals from regulators in Uganda and Kenya, as well as the Capital Markets Authority of Kenya and the Common Market for Eastern and Southern Africa. Completion was announced on 30 April 2021. Contemporary reporting described the bank as having approximately 70,000 customers, deposits of about KSh 18.2 billion, a net loan book of roughly KSh 7.7 billion, 340 employees, 14 branches and 22 automated teller machines at the time of the acquisition. The final consideration was later reported to have increased during the asset-quality assessment process, from approximately KSh 3.6 billion to KSh 4.1 billion. Following regulatory authorization, Orient Bank was rebranded as I&M Bank (Uganda) Limited on 8 November 2021. The rebrand connected the Ugandan institution with the wider I&M Group and replaced the Orient Bank identity in customer-facing operations. The bank serves personal, business and institutional customers through conventional commercial-banking products, including deposit accounts, lending, payments and related banking services. The institution is headquartered in Kampala and has operated branches in Uganda’s central, eastern and northern regions. Its network has included locations in Kampala, Entebbe, Jinja, Bweyogerere and Arua, among others. As of December 2024, reported total assets were approximately UGX 1.1 trillion, compared with UGX 944 billion previously, while shareholders’ equity was reported at UGX 219 billion, up from UGX 199 billion. These figures indicate continued balance-sheet growth under the I&M ownership structure, although the available reference material does not establish a separate current brand strategy or detailed product-market shares.
History
Orient Bank was founded in Uganda in 1993 by a group of business people connected through blood and marriage. Its early development took place during a period when Uganda’s financial sector was undergoing consolidation and regulatory reform. In 1996, the bank opened a second branch in Jinja, extending its presence beyond Kampala. In 2002, it acquired Trans-Africa Bank Limited after that institution had been declared insolvent by the Bank of Uganda. The collapse of several Ugandan banks during the 1990s and early 2000s led to changes in ownership rules. New requirements prevented related family members from holding more than 49% collectively in the same financial institution. Orient Bank received a temporary period in which to identify a suitable investor and diversify its ownership. In April 2009, Bank PHB Group, a Nigerian financial-services company, acquired an 80% shareholding in Orient Bank for a reported US$62 million. Bank PHB was later declared insolvent by the Central Bank of Nigeria in 2011. Keystone Bank, which was owned by the Federal Government of Nigeria, acquired some of Bank PHB’s assets and liabilities and became associated with the Ugandan investment. By 2014, reports indicated that Keystone intended to dispose of its interest. In February 2015, Keystone sold 42% of Orient Bank to 8 Miles Fund, a private-equity investor, and sold the remaining 38% to Ketan Morjaria, an original bank founder named Alemayehu Fisseha, and Zhong Shuang Quan. The next ownership transition began in July 2020, when I&M Holdings Limited agreed to purchase 90% of Orient Bank’s issued share capital. The transaction required approval from the Bank of Uganda, the Central Bank of Kenya, the Capital Markets Authority of Kenya and COMESA. Completion occurred on 30 April 2021. At that time, the bank reportedly had approximately 70,000 customers, deposits of around KSh 18.2 billion, a net loan book of approximately KSh 7.7 billion, 340 employees, 14 branches and 22 ATMs. The acquisition was followed by a change in corporate identity. On 8 November 2021, after receiving Bank of Uganda authorization, Orient Bank became I&M Bank (Uganda) Limited. The rebrand placed the Ugandan operation within the wider I&M Group and marked the end of Orient Bank as the principal customer-facing name, although Orient Bank remains an important historical alias. The final purchase consideration was later reported to have increased from about KSh 3.6 billion to KSh 4.1 billion after valuation and review of the quality of the acquired assets. The additional payment was expected to be completed in July 2022. The bank’s headquarters and main branch are in Kampala’s central business district, and its historical network has covered central, eastern and northern Uganda. By December 2024, reported assets had reached about UGX 1.1 trillion, while shareholders’ equity stood at about UGX 219 billion. The available source material does not provide a complete current branch list, product catalogue or full chronology of management changes.
- 2024
Reported balance-sheet growth
[1]Reported December 2024 figures showed total assets of approximately UGX 1.1 trillion and shareholders’ equity of approximately UGX 219 billion.
- 2021
Acquisition completed
[1]The acquisition closed on 30 April 2021 after approvals from regulators in Uganda, Kenya and COMESA.
- 2021
Rebranded as I&M Bank Uganda
[1]Orient Bank adopted the I&M Bank (Uganda) Limited name on 8 November 2021.
- 2020
I&M Holdings signs acquisition agreement
[1]I&M Holdings agreed to purchase 90% of Orient Bank, subject to regulatory approval.
- 2015
Keystone Bank exits
[1]Keystone sold its interest through a transaction involving 8 Miles Fund and three individual investors.
- 2009
Bank PHB Group acquires majority interest
[1]Bank PHB Group acquired an 80% shareholding in Orient Bank in a reported cash transaction.
- 2002
Trans-Africa Bank acquired
[1]Orient Bank acquired Trans-Africa Bank Limited after it had been declared insolvent by the Bank of Uganda.
- 1996
Second branch opened in Jinja
[1]The bank expanded outside Kampala by opening a branch in Jinja.
- 1993
Orient Bank founded
[1]A group of Ugandan business people established the bank, which initially operated under the Orient Bank identity.
Products and positioning
A Uganda-focused commercial bank operating under the regional I&M Group brand, serving retail, business and institutional customers through branch-based and transactional banking.
Retail banking
Personal banking
The bank’s personal-banking activity covers everyday customer accounts, deposits, payments and access to branch and ATM services. The available reference material identifies personal banking as part of the institution’s commercial-banking scope but does not provide a complete list of named account products.
Commercial banking
Business and commercial banking
Business banking supports companies and other organizations through deposit-taking, transaction services and credit facilities. The source material does not specify individual product names, pricing or eligibility criteria.
Lending
Loans and credit facilities
Lending is a central part of the bank’s commercial-banking model, reflected in the reported net loan book at the time of I&M Holdings’ acquisition. Specific consumer, corporate or sector-focused loan products are not detailed in the available sources.
Banking services
Payments and transaction banking
The institution provides payment and transaction services through its branch network, automated teller machines and other banking channels. The available references do not document a separate branded payments platform.
Brand decisions
2021
Rebranding from Orient Bank to I&M Bank UgandaStrategyBackground
Following I&M Holdings’ acquisition of a controlling interest, the Ugandan bank was aligned with the parent group’s regional identity.
Action taken
The bank changed its name and customer-facing brand to I&M Bank (Uganda) Limited on 8 November 2021, with Bank of Uganda authorization.
Aftermath
The Orient Bank identity became a historical alias while the institution continued operating as a Ugandan commercial bank within I&M Group.
2020
I&M Holdings agrees to acquire 90% of Orient BankM&ABackground
I&M Holdings sought to expand its regional banking presence through the purchase of a controlling interest in the Ugandan bank.
Action taken
The parties signed an agreement for I&M Holdings to acquire 90% of Orient Bank’s issued share capital, subject to regulatory approvals.
Aftermath
The transaction was completed on 30 April 2021 and was followed by the bank’s rebranding as I&M Bank Uganda.
Reported transaction consideration. KSh 4.1 billion (Final consideration reported in 2022 for the 2020–2021 acquisition)
Recent events
- Unconfirmed
I&M Holdings acquisition of Orient Bank is subject to approvals[2]
Reported:
I&M Holdings said its acquisition of Orient Bank was subject to several conditions, including regulatory and corporate approvals and shareholder approval. The article reports the transaction as pending rather than completed.
Sources3 sources
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