I&M Holdings has issued a notice to its shareholders inviting them to an Extraordinary General Meeting (EGM) on 2 December 2020.

The purpose of the meeting is to pass a resolution on the acquisition of 90% ownership in Uganda’s Orient Bank Limited. I&M is awaiting approval from the Central Bank of Kenya, Bank of Uganda, the Capital Markets Authority, and the Common Market for Eastern and Southern Africa Competition Authority to complete the transaction at a cost of KSh 3.6 Billion.

The Kenyan lender already has subsidiaries in Rwanda, Tanzania, and Mauritius. The entry into Uganda is part of its regional expansion strategy. I&M also plans to expand its Rwandan business by investing in modern technology. In October, I&M Bank Rwanda successfully completed a rights issue which raised money to finance the Bank’s digital transformation.

During the extraordinary general meeting, I&M Holdings shareholders will also pass a special resolution that the number of directors of the company shall be not less than 7 and shall not exceed 12, unless and until otherwise determined by special resolution of the company.

I&M Holdings reported a 29% drop in net profit in the first half of 2020 to KSh 3.2 Billion.