Orient Bank

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Orient Bank
Private
Industry Financial Services
Founded 1993; 25 years ago (1993)
Headquarters Kampala, Uganda
Key people
Michael Cook
Chairman
Julius Kakeeto
Managing Director[1]
Products Banking
Revenue IncreaseAftertax:UGX:6.781 billion) (2016)[2]
Total assets UGX:554.22 billion) (2016)[2]
Number of employees
216 (2018)
Website Homepage

Orient Bank is a commercial bank in Uganda which is licensed by the Bank of Uganda (BOU), the central bank and national banking regulator.[3]

Location[edit]

The bank's headquarters and main branch are located at Orient Plaza, 14 Kampala Road, in the central business district of Kampala, Uganda's capital and largest city.[2] The geographical coordinates of the bank's headquarters are: 0°18'43.5"N, 32°35'07.5"E (Latitude:0.312083; Longitude:32.585417).[4]

Overview[edit]

The bank is involved in all aspects of commercial banking, with emphasis on providing banking services to non-government organisations and their staffs. As of December 2016, the bank's total assets were valued at UGX:554.22 billion (approximately US$159 million), with shareholders' equity of UGX:107.9 billion (approximately US$30 million).[2]

History[edit]

The bank was founded in 1993 by a group of businesspeople who were related by blood and marriage.[5]

In 1996, the bank opened its second branch in the city of Jinja, about one hour's drive east of the capital Kampala. In 2002, the bank acquired Trans-Africa Bank Limited, which had been declared insolvent by the BOU.[6]

Following a spate of Ugandan bank failures in the 1990s and early 2000s, the banking laws in Uganda were changed to bar family members from jointly owning more than 49 percent in the same financial institution. Orient Bank was given a grace period to find a suitable investor.[7]

In April 2009, Bank PHB Group, a Nigerian financial services group, acquired 80 percent shareholding in Orient Bank for a cash payment of US$62 million.[8] In August 2011, the group was itself declared insolvent by the Central Bank of Nigeria, and its assets and some liabilities were acquired by Keystone Bank Limited, which was owned by the Federal Government of Nigeria.[9]

In July 2014, international media reported that Keystone Bank planned to divest from Orient Bank.[10] In February 2015, Keystone Bank divested from Orient Bank by selling 42 percent shareholding to a private equity firm 8 Miles Fund, whose shareholders include celebrity entertainer and activist Bob Geldof, and the remaining 38 percent was sold to three individuals, namely Ketan Morjaria (one of the founders of the bank), Alemayehu Fisseha, and Zhong Shuang Quan.[11][12]

Ownership[edit]

The shareholding of the bank is depicted in the table below:[13][14][15]

Orient Bank Stock Ownership
Rank Name of Owner Percentage Ownership
1 Ketan Morjaria 49.0[16]
2 8 Miles Fund 42.0
3 Alemayehu Fisseha 4.5
4 Zhong Shuang Quan 4.5
Total 100.0

Governance[edit]

The bank is governed by a seven-person board of directors, two of whom are executive directors and the other five are non-executive. Michael Cook, one of the non-executive directors, is the chairman. Julius Kakeeto is the managing director and chief executive officer.[17]

Branch network[edit]

As of December 2016, the bank had a network of branches in the central, eastern, and northern regions of Uganda. The branches of the bank included the following locations:[2]

  1. Main Branch - Orient Plaza, 6/6A Kampala Road, Kampala
  2. Acacia Branch: Acacia Shopping Mall, Kisementi, Kololo, Kampala
  3. Arua Branch: 12 Avenue Road, Arua
  4. Ben Kiwanuka Branch: Haider Plaza, Ben Kiwanuka Street, Kampala
  5. Bweyogerere Branch: Mamerito House, Jinja Road, Bweyogerere
  6. Entebbe Downtown Branch: 29 Kampala Road, Entebbe
  7. Entebbe Airport Branch: Entebbe International Airport
  8. Garden City Branch: Garden City Mall, Yusuf Lule Road, Kampala[18]
  9. Gulu Branch: 15 Lamho Building, Awere Road, Market Square, Gulu
  10. Jinja Branch: 8 Lady Alice Muloki Road, Jinja
  11. Kabalagala Branch: 1900 Ggaba Road, Kabalagala, Kampala[19]
  12. Katwe Branch: Muganzirwazza Shopping Mall, Muteesa I Road, Katwe, Kampala
  13. Kawempe Branch: 78 Bombo Road, Kawempe, Kampala
  14. Kikuubo Branch: Grad Corner House, Kikuubo, Kampala
  15. Kisekka Branch: Lohana Arcade, Nkivubo Road, Kampala
  16. Kololo Branch: Nyonyi Gardens, 16/17 Wampeewo Avenue, Kololo, Kampala
  17. Makerere Branch: Ham Shopping Plaza, Makerere Hill Road, Makerere, Kampala
  18. Mbale Branch: 23 Naboa Road, Mbale
  19. Nkrumah Road Branch: Mirembe Arcade, Nkrumah Road, Kampala
  20. Ntinda Branch: Capital Shoppers Mall, Ntinda Road, Ntinda
  21. William Street Branch - William Street, Kampala.

See also[edit]

References[edit]

  1. ^ Okoth, Cecilia (26 September 2014). "Vision Group, Orient Bank To Save Mothers". New Vision. Kampala. Retrieved 27 December 2014. 
  2. ^ a b c d e Orient Bank (21 April 2017). "Orient Bank Anual Report for the Year Ended 31 December 2017" (PDF). Kampala: Orient Bank Limited. Retrieved 25 May 2018. 
  3. ^ Bank of Uganda (31 March 2017). "List of licensed Commercial Banks as at 31 March 2017" (PDF). Kampala: Bank of Uganda. Retrieved 25 May 2018. 
  4. ^ Google (25 May 2018). "Location of the headquarters of Orient Bank Limited, Kampala, Uganda" (Map). Google Maps. Google. Retrieved 25 May 2018. 
  5. ^ Wakabi, Michael (6 December 2010). "Orient Bank Shareholders Take URA To Court". Nairobi: The EastAfrican. Retrieved 1 May 2014. 
  6. ^ Orient Bank (25 May 2018). "The History Of Orient Bank". Kampala: Orient Bank. Retrieved 25 May 2018. 
  7. ^ Juuko, Sylvia (23 April 2009). "Orient Bank changing shareholders". New Vision. Kampala. Retrieved 25 May 2018. 
  8. ^ Busuulwa, Bernard (2 May 2009). "Nigerian firm acquires Uganda's Orient Bank". The EastAfrican. Nairobi. Retrieved 25 May 2018. 
  9. ^ Kingsley Ighomwenghian, Lucy Eazee (5 August 2011). "Nigeria: CBN Revokes Afribank, Bank PHB, Spring Bank Licences". The Daily Independent Lagos via AllAfrica.com. Retrieved 25 May 2018. 
  10. ^ Onu, Emele (24 July 2014). "Nigeria's Keystone Bank To Sell Units In Three African Countries". Bloomberg News. Retrieved 27 December 2014. 
  11. ^ Mwesigwa, Alon (4 March 2015). "Orient Bank Finds Saviour In Popular Rock Musician". The Observer (Uganda). Retrieved 9 May 2015. 
  12. ^ Special Correspondent (7 March 2015). "Nigeria's Keystone Bank sells stake in Orient, exits Uganda". The EastAfrican. Nairobi. Retrieved 25 May 2018. 
  13. ^ Muhumuza, Mark Keith (26 February 2015). "Orient Bank Sold To Private Equity Firm". Daily Monitor (Kampala). Retrieved 26 February 2015. 
  14. ^ Biryabarema, Elias (24 February 2015). "Bob Geldof's 8 Miles Fund Buys Stake In Ugandan Bank". Reuters. Retrieved 9 May 2015. 
  15. ^ Muhumuza, Mark Keith (27 February 2015). "Orient Bank Founders Bounce Back To Revive Institution". Daily Monitor (Kampala). Retrieved 9 May 2015. 
  16. ^ Special Correspondent, . (7 March 2015). "Nigeria's Keystone Bank Sells Stake In Orient, Exits Uganda". The EastAfrican (Nairobi). Retrieved 7 March 2015. 
  17. ^ EABW Reporter (27 April 2014). "New Orient Bank Boss Confident". Kampala: East African Business Week via AllAfrica.com. Retrieved 1 May 2014. 
  18. ^ Vision Reporter (25 April 2010). "Orient Opens Garden City Branch". New Vision. Kampala. Retrieved 25 May 2018. 
  19. ^ Vision Reporter (6 June 2010). "Orient Starts e-Tax Service As Kabalagala Branch Opens". New Vision. Kampala. Retrieved 25 May 2018. 

External links[edit]