Orient Bank

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's assets of US$173 million were the thirteenth largest in Uganda. The bank's customer deposits were about US$139 million.

History

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

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

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

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.

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.

In July 2014, international media reported that Keystone Bank planned to divest from Orient Bank. 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.

Ownership

The shareholding of the bank is depicted in the table below:

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 managing director and chief executive officer.

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:

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
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
11. Katwe Branch - Muganzirwazza Shopping Mall, Muteesa I Road, Katwe, Kampala
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