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I&M Bank Uganda

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Orient Bank
Company typePrivate
IndustryFinancial Services
Founded1993
HeadquartersKampala, Uganda
Key people
Michael Cook
chairman
Julius Kakeeto
managing director[1]
ProductsBanking
RevenueIncrease
Total assetsUS$173+ million (2014)
WebsiteHomepage

Orient Bank is a commercial bank in Uganda and licensed by the Bank of Uganda (BOU), the central bank and national banking regulator.[2]

Overview

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 2014, the bank was the 13th largest commercial bank in Uganda, with estimated assets of US$173 million and customer deposits of about US$139 million.[3]

History

The bank was founded in 1993 by a group of businesspeople who were related by blood and marriage.[4]

In 1996, the bank ventured into the city of Jinja, about one hour's drive east of the capital Kampala, and opened its second branch there.

In 2002, the bank acquired Trans-Africa Bank Limited, which had been declared insolvent by the BOU.[5]

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.[6]

In April 2009, Bank PHB Group, a Nigerian financial services group, acquired 80 percent shareholding in Orient Bank for a cash payment of US$63.2 million. 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.[7]

In July 2014, international media reportef that Keystone Bank planned to divest from Orient Bank.[8] 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.[9]

Ownership

The shareholding of the bank is depicted in the table below:[10][11][12]

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

Governance

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 acting managing director/chief executive officer.[13] He has nineteen other managers who assist him in running the bank.[citation needed]

Branch network

As of March 2015, the bank had a network of branches in the central, eastern, and northern parts of Uganda. The bank has future plans to expand services to the western parts of Uganda. The branches of the bank included the following locations, arranged alphabetically:[14]

  1. Acacia Mall Branch - Acacia Shopping Mall, Kololo, Kampala.
  2. Arua Branch - 12 Avenue Road, Arua
  3. Bweyale Branch - Bweyale, Kiryandongo District
  4. Entebbe Airport Branch - Entebbe International Airport
  5. Entebbe Downtown Branch - 29 Kampala Road, Entebbe
  6. Garden City Branch - Garden City Mall, Kampala[15]
  7. Gulu Branch - 15 Lamho Building, Awere Road, Market Square, Gulu
  8. Jinja Branch 1 - 1 Busoga Square, Jinja
  9. Jinja Branch 2 - 8 Scindia Road, Jinja
  10. Kabalagala Branch - Kabalagala, Kampala[16]
  11. Katwe Branch - Muganzirwazza Shopping Mall, Muteesa I Road, Katwe, Kampala[17]
  12. Kawempe Branch - Bombo Road, Kawempe, Kampala
  13. Kikuubo Branch - Kikuubo, Kampala
  14. Kisekka Branch - Kisekka Market, Kyaggwe Road, Kampala
  15. Kololo Branch - Nyonyi Gardens, 16/17 Wampeewo Avenue, Kololo, Kampala
  16. Main Branch - Orient Plaza, 6/6A Kampala Road, Kampala
  17. Makerere Branch - Ham Plaza, Makerere Hill Road, Makerere, Kampala
  18. Mbale Branch - 23 Naboa Road, Mbale
  19. Nkrumah Road Branch - Nkrumah Road, Kampala
  20. Ntinda Branch - Capital Shoppers Mall, Ntinda Road, Ntinda
  21. William Street Branch - William Street, Kampala.

See also

References

  1. ^ Okoth, Cecilia (26 September 2014). "Vision Group, Orient Bank To Save Mothers". New Vision (Kampala). Retrieved 27 December 2014.
  2. ^ BOU (June 2015). "List of Licensed Commercial Banks As At June 2015" (PDF). Kampala: Bank of Uganda (BOU). Retrieved 18 December 2015.
  3. ^ a b Special Correspondent, . (7 March 2015). "Nigeria's Keystone Bank Sells Stake In Orient, Exits Uganda". The EastAfrican (Nairobi). Retrieved 7 March 2015. {{cite web}}: |first= has numeric name (help); |last= has generic name (help)
  4. ^ Wakabi, Michael (6 December 2010). "Orient Bank Shareholders Take URA To Court". The EastAfrican. Retrieved 1 May 2014.
  5. ^ "The History Of Orient Bank". Orient Bank. Retrieved 1 May 2014.
  6. ^ Juuko, Sylvia (23 April 2009). "Orient Bank Changing Shareholders". New Vision (Kampala). Retrieved 7 March 2015.
  7. ^ Kingsley Ighomwenghian, Lucy Eazee (5 August 2011). "Nigeria: CBN Revokes Afribank, Bank PHB, Spring Bank Licences". Daily Independent (Lagos). Retrieved 1 May 2014.
  8. ^ Onu, Emele (24 July 2014). "Nigeria's Keystone Bank To Sell Units In Three African Countries". Bloomberg News. Retrieved 27 December 2014.
  9. ^ Mwesigwa, Alon (4 March 2015). "Orient Bank Finds Saviour In Popular Rock Musician". The Observer (Uganda). Retrieved 9 May 2015.
  10. ^ Muhumuza, Mark Keith (26 February 2015). "Orient Bank Sold To Private Equity Firm". Daily Monitor (Kampala). Retrieved 26 February 2015.
  11. ^ Biryabarema, Elias (24 February 2015). "Bob Geldof's 8 Miles Fund Buys Stake In Ugandan Bank". Reuters. Retrieved 9 May 2015.
  12. ^ Muhumuza, Mark Keith (27 February 2015). "Orient Bank Founders Bounce Back To Revive Institution". Daily Monitor (Kampala). Retrieved 9 May 2015.
  13. ^ "New Orient Bank Boss Confident". East African Business Week via AllAfrica.com. 27 April 2014. Retrieved 1 May 2014. {{cite web}}: Cite has empty unknown parameter: |1= (help)
  14. ^ "List of Branches of Orient Bank". Orient Bank. Retrieved 6 June 2014.
  15. ^ Newvision, Archive (25 April 2010). "Orient Opens Garden City Branch". New Vision. Retrieved 1 May 2014.
  16. ^ "Orient Starts e-Tax Service As Kabalagala Branch Opens". New Vision. 6 June 2010. Retrieved 1 May 2014.
  17. ^ "Muganzirwazza Commercial Plaza". Construction Review Online. Retrieved 1 May 2014.
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