Orient Bank Limited yesterday 28th July 2021 released a press statement that showed a reshuffle in their board of directors.
Mr. Suleiman I. Kiggundu, Jr. joined as an Independent Non-Executive Chairman whereas Mr. Bhartesh Shah and Mr. Allan Christopher Michael Low joined as Non-Executive Directors respectively.
The in-coming Chairman Mr Sulaiman Kiggundu will be responsible for leading the Board of Directors in fulfilling the Board’s objectives as outlined in the board’s charter, Orient Bank’s articles and Memorandum of Association and prevailing regulatory necessities in a way that supports profitability, devw, security, and soundness of the bank.
Mr. Kumaran Pather, Managing Director of Orient while talking about the new appointments said they were so excited that the new board members are joining OBL’s team.
“Their vast experience in corporate and commercial business will serve as an excellent resource for both the Board and Management of the Bank. They identify with our commitment to the strategic direction in which the Bank is headed.” Pather noted.
He also added that the role to be filled by Mr Kiggundu was vacated by Mr Michael Cook who served in the role diligently for 10 years.
“The Chairmanship was vacated by Mr. Michael Cook who served on the Board for 15 years as the Chairman. The Bank is extraordinarily grateful to him for his leadership in fulfilling its vision to contribute to the economic and financial development of the country.” Pather added.
Mr. Suleiman I. Kiggundu while talking about the new roles with his team said that they were all honored to join the bank and he thanked the outgoing chairman, Mr. Michael Cook.
In his concluding remarks, Mr. Kiggundu also said that together with his team they would work relentlessly to steer the bank forward.
“I am extremely honored and excited to take on the role of Chairman for this hard-working and results driven organization. With the addition of these highly respected new members of our Board, it presents a great opportunity for us to partner with the other members of the Board, Management and Staff of the Bank to spearhead initiatives, policies and strategies that are guaranteed to move the Bank to its next phase.” he said.
Thesw new board member appointments come 3 months after Kenyan firm, I&M Holdings acquired majority shares in Orient Bank Limited from 8 miles LLP and Morka Holdings Limited.
This transaction was announced in April 2021.
It saw I&M acquire additional net loan assets value of around Shs 262 billion, deposits of Shs 606 billion, a customer base of 68,787, a staff component of 340 employees and a network of 14 branches and 22 ATMs across the country at the time.