By Ambrose Gahene
I&M Group PLC officially launched its rebranded operations in Uganda on Monday, with a promise to enhance financial technology and manufacturing through offering attractive digital-focused solutions to customers. The colourful ceremony, which took place at Kampala Serena Hotel, follows I&M Group acquisition of Uganda’s Orient Bank Ltd on 30th April 2021. The Ugandan Bank will now operate as I&M Bank (Uganda) Limited and adopt the Group’s vibrant corporate logo and colours.
The Nairobi-based financial Group announced that the rebrand comes after the I&M Group’s successful acquisition of a 90 percent shareholding in Uganda’s Orient Bank Ltd earlier this year. This received regulatory approval from the Central Bank of Kenya, Bank of Uganda, Capital Markets Authority of Kenya as well as the Common Market for Eastern and Southern Africa (COMESA), and is part of the Group’s broader strategy to grow its business by increasing its geographical footprint across the Eastern African region.
“The rebrand will not only unlock the bank’s potential, but also will enable it to reach out to more customers within Uganda, and in Eastern Africa as a whole.Further, the move will enable the bank to roll out a more diversified product and service offering to its target market,” said Mr. Suleiman Kiggundu, the bank’s chairman.
Also speaking during the rebrand event. KumaranPather, the Bank’s CEO said that I&M Uganda will focus on supporting critical sectors that impact growth across the region, including agriculture, transport, technology, and manufacturing through offering attractive, digital-focused solutions.
“I&M Group Plc and its subsidiaries have made significant investments in key sectors across Eastern Africa’s regional economy, including banking and finance, SMEs, real estate, financial technology, trade, agriculture, and infrastructure,” said Pather
“The rebranding is the latest step in an operations overhaul which has been ongoing for the last one year and has included retraining of staff, enhancing customer relations and upgrading its core banking system.” Mr. Pather added that “I&M Group has made significant investments in its technology infrastructure as part of its digital transformation journey in the region. Reflecting its commitment to its clients and the markets it serves, the bank and its staff have invested significant time and resources to refine the new I&M Bank brand and to seamlessly integrate new platforms and offerings.”
“We are extremely excited to announce today’s launch and rebrand, aligning our digital capabilities as well as our brand elements to keep pace with our industry-leading achievements and our unique products and services within the East African region,” said Mr. Pather.
The entry of I&M Group into the Ugandan market was the missing link towards consolidation of the Group’s presence in East Africa and further positions the Group as Eastern Africa’s Leading Financial Partner for Growth through providing its target groups with innovative and market-driven banking solutions across the region.
I&M Group PLC was incorporated on 16th August 1950 and is listed on the Nairobi Securities Exchange (NSE). I&M Group PLC was licensed and approved as a non-operating holding company in accordance with the provisions of the Banking Act, Cap 488 Laws of Kenya following a reverse takeover of City Trust Limited by I&M Bank Limited in June 2013. The Group has a presence in Kenya, Rwanda, Uganda, Tanzania, and Mauritius.
I&M prides itself on its strong values and key strengths of innovative service and strong customer relationships and through these pillars, the Group aspires to be “Eastern Africa’s Leading Financial Partner for Growth’’ through the provision of innovative and market-driven banking solutions for its target segments.