Bob Geldof’s 8 Miles set to exit Uganda’s Orient Bank

Posted on: 30 July, 2020 at 6:10 PM

The shareholders of Orient Bank Limited have entered into an agreement with I&M Holdings Plc for the sale of 90% of the issued share capital of Orient. The transaction is subject to conditions including regulatory approvals from the Bank of Uganda, Central Bank of Kenya, and Capital Markets Authority of Kenya.

Upon completion of the transaction, the remaining 10% shareholding shall be held by Ketan Morjaria (a founding member of Orient Bank) and Alemayehu Fisseha.

Orient Bank is a commercial lender with operations in Uganda. Morjaria’s family owns 49%, while London-headquartered private equity fund 8 Miles has a 42% stake, according to an article by The Independent.

The shareholders of I&M Holdings Plc include CDC Group plc, the development finance institution wholly owned by the government of the United Kingdom, as well as local, foreign institutional and individual investors. The group operates banking and non-banking subsidiaries in Kenya, Tanzania, Mauritius, and Rwanda.

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