I&M Group shareholders have approved the acquisition of 90 per cent of Orient Bank Limited, Uganda.
The deal is subject to regulatory approval from the Central Bank of Kenya, the Bank of Uganda, the Capital Markets Authority and the Common Market for Eastern and Southern Africa (Comesa) Competition Authority.
The deal is set to add to I&M’s regional banking operations comprising Kenya, Rwanda, Tanzania and Mauritius.
The lender is buying the Ugandan bank from its owners, listed as Dr Ketan Morjaria, Hemlata Karia, Jay Karia, Morka Holdings Limited, Zhong Shuang Quan and Cornerstone M8 Limited.
Previously, sources familiar with the matter told the Business Daily that I&M will pay more than Sh2 billion for the controlling stake.