I&M Holdings Plc has obtained shareholders’ approval to acquire a 90 per cent controlling stake in Orient Bank Limited, Uganda.
The nod supported by 100 percent of shareholders during the extra-ordinary general meeting will pave the way for the lender to further its reach in the region pending the receipt of additional approvals from regulators.
Earlier in July, I&M had indicated plans to acquire a majority stake in the bank for a deal presently estimated at Kes.3.6 billion.
The acquisition is set to bulk I&M’s presence in the region from which it has operations in Rwanda, Tanzania and Mauritius in addition to its home country Kenya.
I&M will be joining the likes of DTB, Equity and KCB Group which have presence in the country.
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