I&M Holdings has completed the acquisition of a 90% stake in Uganda’s Orient Bank in a deal valued at Ksh. 3.6 billion.

The firm, which is also listed in the Nairobi Securities Exchange (NSE) said in a statement that the transaction was completed on April 30 after receipt of the necessary approvals. The approvals were received from the Central Bank of Kenya (CBK), Bank of Uganda, Capital Markets Authority of Kenya and the COMESA Competition Authority.

The bank said the transaction has given it access to additional loans worth Ksh. 7.7 billion, deposits totaling to Ksh. 18.2 billion, 70,000 customers, 14 branches and 22 ATMs.

“This acquisition is expected to give the group greater capacity to grow profitably, through extending our network to our regional customers,” I&M’s executive director Sarit Raja Shah said in a statement.

I&M bought shares from Orient Bank’s shareholders Hemlata Karia, Jay Karia, Morka Holdings, Zhong Shuang Quan, Cornerstone M8 and the bank’s founder Ketan Morjaria. Dr. Morjaria, who held a 7.91% stake before the transaction, sold part of his shares and retains a 5.5% equity in the subsidiary. Another stakeholder, Mr. Alemayehu Fisseha, did not sell his holdings and also retains a 4.5% interest in the bank.

I&M added that the Ksh. 3.6 billion purchase price would be subject to further adjustments on account of several factors including exchange rate fluctuations from the sale of the Ugandan bank’s property in Kampala (Orient Plaza).

The deal will add to I&M’s regional banking operations comprising Kenya, Rwanda, Tanzania and Mauritius.

“The combined group will be better able to serve the needs of regional and global customers, and in turn promote regional trade flows,” I&M said of the Orient Bank buyout in a circular to shareholders.