Orient Bank
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Private | |
Industry | Financial Services |
Founded | 1993 |
Headquarters | Kampala, Uganda |
Key people
|
Michael Cook chairman Julius Kakeeto managing director[1] |
Products | Banking |
Revenue | |
Total assets | US$173+ million (2014) |
Website | Homepage |
Orient Bank is a commercial bank in Uganda and licensed by the Bank of Uganda (BOU), the central bank and national banking regulator.[2]
Contents
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[update], the bank was the 13th largest commercial bank in Uganda, with estimated assets of US$173 million and customer deposits of about US$139 million.[3]
History
The bank was founded in 1993 by a group of businesspeople who were related by blood and marriage.[4]
In 1996, the bank ventured into the city of Jinja, about one hour's drive east of the capital Kampala, and opened its second branch there.
In 2002, the bank acquired Trans-Africa Bank Limited, which had been declared insolvent by the BOU.[5]
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.[6]
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.[7]
In July 2014, international media reportef that Keystone Bank planned to divest from Orient Bank.[8] 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.[9]
Ownership
The shareholding of the bank is depicted in the table below:[10][11][12]
Rank | Name of Owner | Percentage Ownership |
---|---|---|
1 | Ketan Mojaria | 49.0[3] |
2 | 8 Miles Fund | 42.0 |
3 | Alemayehu Fisseha | 4.5 |
4 | Zhong Shuang Quan | 4.5 |
Total | 100.0 |
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 acting managing director/chief executive officer.[13] He has nineteen other managers who assist him in running the bank.[citation needed]
Branch network
As of March 2015[update], 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:[14]
- Acacia Mall Branch - Acacia Shopping Mall, Kololo, Kampala.
- Arua Branch - 12 Avenue Road, Arua
- Bweyale Branch - Bweyale, Kiryandongo District
- Entebbe Airport Branch - Entebbe International Airport
- Entebbe Downtown Branch - 29 Kampala Road, Entebbe
- Garden City Branch - Garden City Mall, Kampala[15]
- Gulu Branch - 15 Lamho Building, Awere Road, Market Square, Gulu
- Jinja Branch 1 - 1 Busoga Square, Jinja
- Jinja Branch 2 - 8 Scindia Road, Jinja
- Kabalagala Branch - Kabalagala, Kampala[16]
- Katwe Branch - Muganzirwazza Shopping Mall, Muteesa I Road, Katwe, Kampala[17]
- Kawempe Branch - Bombo Road, Kawempe, Kampala
- Kikuubo Branch - Kikuubo, Kampala
- Kisekka Branch - Kisekka Market, Kyaggwe Road, Kampala
- Kololo Branch - Nyonyi Gardens, 16/17 Wampeewo Avenue, Kololo, Kampala
- Main Branch - Orient Plaza, 6/6A Kampala Road, Kampala
- Makerere Branch - Ham Plaza, Makerere Hill Road, Makerere, Kampala
- Mbale Branch - 23 Naboa Road, Mbale
- Nkrumah Road Branch - Nkrumah Road, Kampala
- Ntinda Branch - Capital Shoppers Mall, Ntinda Road, Ntinda
- William Street Branch - William Street, Kampala.
See also
References
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External links
- Articles containing potentially dated statements from December 2014
- Articles with unsourced statements from July 2015
- Articles containing potentially dated statements from March 2015
- Banks of Uganda
- Banks established in 1993
- Companies of Uganda
- Companies established in 1993
- Economy of Uganda
- Kampala District
- 1993 establishments in Uganda