Add-on Acquisition • Financial Services

I&M Bank Acquires Orient Bank

On May 3, 2021, I&M Bank acquired financial services company Orient Bank from 8 Miles

Acquisition Context
  • This is I&M Bank’s 2nd transaction in the Financial Services sector.
  • This is I&M Bank’s 1st transaction in Uganda.

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M&A Deal Summary

Date May 3, 2021
Target Orient Bank
Sector Financial Services
Buyer(s) I&M Bank
Sellers(s) 8 Miles
Deal Type Add-on Acquisition

Target Company

Orient Bank

Kampala, Uganda
Orient Bank is a medium-size commercial bank licensed by the Bank of Uganda to provide banking, stockbroking, and other related financial services to retail and corporate customers. Orient Bank was founded in 1993 and headquartered in Kampala, Uganda.
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Buyer Overview 1

Buyer

I&M Bank

Nairobi, Kenya

Category Company
Founded 1974
Sector Financial Services
DESCRIPTION

I&M Bank is a regional commercial bank offering a full range of corporate and retail banking services. I&M Bank was formed in 1974 and is based in Nairobi, Kenya.


Deal Context for Buyer #
Overall 2 of 2
Sector: Financial Services 2 of 2
Type: Add-on Acquisition 2 of 2
Country: Uganda 1 of 1
Year: 2021 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-07-18 Banque Commerciale du Rwanda

Kigali, Rwanda

Banque Commerciale du Rwanda Ltd. provides a variety of banking services to commercial and retail customers, operating a seven-branch network headquartered in Kigali.

Buy -

Seller Profile 1

SELLER
DESCRIPTION

8 Miles is a private equity firm focused on investing in Africa. The Firm looks to invest in high-growth companies and generally seeks to commit $15 to $45 million per transaction. Sectors of interest include agriculture, business services, financial services, consumer products, retail, energy, utilities, healthcare, leisure, real estate, telecom, media, technology, and logistics. 8 Miles was formed in 2008 and is based in London.


Deal Context for Seller #
Overall 1 of 5
Sector: Financial Services 1 of 1
Type: Add-on Acquisition 1 of 1
Country: Uganda 1 of 2
Year: 2021 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-03-29 Blue Skies Holdings

Pitsford, United Kingdom

Blue Skies Holdings engages in production of fresh-cut tropical fruit for European supermarkets. Blue Skies Holdings was founded in 1997 and is based in Pitsford, United Kingdom.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-06-07 Eagle Chemical

Cairo, Egypt

Eagle Chemical is a manufacturer of over 30 product categories including alkyds, solvent-based acrylics, saturated polyesters, un-saturated polyester resins, and water-based emulsion binders. Eagle Chemical was founded in 1958 and is based in Cairo, Egypt.

Sell -