On 8th November 2021, Orient Bank rebranded to I&M Bank Uganda following the completion of the acquisition of 90 per cent shareholding of the Orient Bank by I&M Group Plc.
I&M Bank Uganda builds on a foundation and legacy of trust acquired over the last 28 years and most importantly now taps into I&M Group Plc’s 48-year legacy that has seen the group rise to over USD3.6 billion (UGX12.5 trillion) in assets as of December 2021. I&M Group currently operates in 5 countries- Kenya, Tanzania, Rwanda, Uganda and Mauritius as Bank One- a joint venture between I&M Group Plc and Mauritius’ Ciel Finance Limited.
Following the rebranding, I&M Bank has promised to leverage the group’s strengths such as financial muscle, geographical footprint and rich experience, to extend to its customers, more than just banking.
Behind this promise, and to oversee the bank and ensure best governance practices, I&M Bank Uganda reconstituted its board of directors, bringing together a team of experts with over 200 years of combined experience in various fields including finance and banking, law and management. Here below, CEO East Africa Magazine shades more light on the 9-member board and the respective expertise they bring on board.
Suleiman Kiggundu
Independent Non-Executive Chairman
Mr. Suleiman Kiggundu was educated as an engineer and economist at Yale University. Over the past 25 years, he has served in senior leadership roles at various leading institutions, including Equator Bank, Equator Capital Partners, HSBC Bank plc and as the Regional Director for Africa at CDC Group plc. Suleiman chairs the CFS Group (a pan-African advisory & capital markets-oriented financial services group) and also serves as a Non-Executive Director of various companies, including GA Insurance Uganda and Kampala Hospital locally.
Chris Low
Non-Executive Director
Allan Christopher Michael Low (Chris) is a financial services professional with over 30 years in senior leadership positions in the industry. Currently, he is the Regional Director at I&M Group Plc and also advises a number of early-stage FinTechs across Africa. Previously Chris held roles with the Department of International Trade, UK Government (Banking Advisor), Letshego Holdings Plc (Group CEO), National Bank of Kuwait (Deputy Head of International Banking), Standard Chartered Plc (various CEO roles in South Africa, East Africa and India and Chief Operating Officer at Korea First Bank Ltd, a subsidiary of the Group) and Goldman Sachs. Chris is an Associate Member of the Institute of Chartered Accountants in England & Wales, having graduated from St Peters College, Oxford University.
Ketan Morjaria
Non-Executive Director
Ketan Morjaria is a founder and Board Member of both I&M Bank in Uganda and Credit Bank in Kenya and a strategic shareholder in both institutions. He has wide experience in commerce and property development in Africa, the United Kingdom, and the Middle East. He has served on the boards of several successful commercial companies. Mr Morjaria is a member of the Institute of Chartered Accountants of England and Wales and the Institute of Certified Public Accountants of Uganda.
Letters to My Younger Self: Robinah Siima — “Success Is Quieter, But Richer”Joram Kahenano
Independent Non-Executive Director
Mr Kahenano is a fellow of the Uganda Institute of Bankers and a fellow of the Chartered Institute of Bankers. He has held various director positions in the Bank of Uganda where he worked for 36 years. He was Executive Director Administration, Executive Director Operations, Director Banking, Director Foreign Exchange and Director Exchange Control among others. He has in addition served on various Boards including Uganda Institute of Bankers, Makerere University, Mengo Hospital, Church of Uganda and Uganda Christian University. Joram is currently Chairman of the Council of Victoria University, Chairman Board of Directors of Uganda Protestant Medical Bureau and Vice Chairman of the Board of Directors of the Joint Medical Store.
Francis Magambe Byaruhanga
Independent Non-Executive Director
Mr Byaruhanga holds a Masters’ Degree in Business Administration from the University of Birmingham, UK. He has over 30 years of experience in the areas of Management, Finance, Accounting, Procurement and Logistics Management with excellent knowledge of government and International agencies’ procedures and practices. His knowledge, experience and skills have earned him recognition as a management specialist, and he is regularly consulted on Public Sector Management issues. He has over time developed and maintained professional and business relationships with a wide range of agencies and organizations within the private and public sectors. He has worked with Infrastructure, rural water and sanitation projects on an executive level and was a Director of the Road Agency Formation Unit.
Bhartesh Shah
Non-Executive Director
Mr Shah’s banking career spans more than 24 years having worked in senior management roles at Citi Bank, Standard Chartered Bank and Equity Bank where he was the Group Chief Risk Officer and Chief Operations Officer. Mr Shah holds an MBA from the University of Warwick, Warwick Business School, UK and a Bachelor of Science in Banking and Finance from Loughborough University, UK.
Kumaran Pather
Managing Director and CEO
Mr Kumaran Pather joined I&M Bank (Uganda) Limited in January 2020 as Managing Director. He is a seasoned banking executive with experience in Retail Business Banking spanning over two decades across seven countries. He is reputed for building winning Banking strategies that have led to transformative business performance throughout his career. He was most recently the Retail Business Banking Director at Barclays Uganda. He started his banking career in South Africa before he moved to Botswana as Barclays’ Retail Director. He then took on the role of Head of Retail Sales at BMI Bank in Bahrain and would later serve as General Manager, Retail Banking Services at Teba Bank in South Africa. He returned to Barclays as Retail Business Banking Director, serving in Mozambique, Tanzania, and most recently, Uganda. Kumaran holds an MBA from the University of Johannesburg and has attended Executive Leadership Programs in South Africa and at Cass Business School in London.
Sam Ntulume
Executive Director and Chief Operations Officer
Mr. Ntulume holds an MBA from the East & Southern Africa Management Institute (ESAMI), is a Fellow of the Association of Chartered Certified Accountants (FCCA), a Certified Public Accountant (Institute of Certified Public Accountants of Uganda) and holds a Diploma in Business Studies. He has over 27 years experience in business leadership and management, financial management, corporate and business reporting, risk and control, human capital management, corporate governance and strategy attained from the financial services sector, petroleum distribution & marketing sector, public sector and manufacturing sector
Nicholas Ecimu
Company Secretary
Nicholas Ecimu is I&M Bank’s Company Secretary. He practices with S&L Advocates, a premier corporate and commercial law firm, where he is a partner. Nicholas holds a Bachelor of Laws degree from Makerere University and a Post-Graduate Diploma in Legal Practice from the Law Development Centre. He has previously served with the Privatization and Utility Sector Reform Project in Uganda’s Ministry of Finance, Planning and Economic Development. He is a graduate member of the Institute of Chartered Secretaries and Administrators in London. He is also a member of the Uganda Law Society and the East African Law society.
