History
The bank was founded in 1993 by a group of businesspeople who were related by blood and marriage. In 1996, the bank ventured into the city of Jinja, about one hour's drive east of the capital Kampala, and opened their second branch there. In 2002, the bank successfully beat out other financial institutions when they successfully acquired Trans-Africa Bank Limited, which had been declared insolvent by the Bank of Uganda (BOU).
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% in the same financial institution. Orient Bank was given a grace period to find a suitable investor. In 2009, Bank PHB Group, a Nigerian financial services group acquired 80% shareholding in Orient Bank for a cash payment of US$63.2 million.
In August 2011, Bank PHB was itself declared insolvent by the Central Bank of Nigeria (CBN), and its assets and some liabilities were acquired by Keystone Bank Limited (KBL).
Read more about this topic: Orient Bank
Famous quotes containing the word history:
“Most events recorded in history are more remarkable than important, like eclipses of the sun and moon, by which all are attracted, but whose effects no one takes the trouble to calculate.”
—Henry David Thoreau (1817–1862)
“All history becomes subjective; in other words there is properly no history, only biography.”
—Ralph Waldo Emerson (1803–1882)
“In every election in American history both parties have their clichés. The party that has the clichés that ring true wins.”
—Newt Gingrich (b. 1943)