The Crane Bank Uganda has finally been sold to DFCU Bank Limited; this ends the issues that plagued the bank after it was taken over by the Central Bank last. Crane bank has been one of the biggest banks in Uganda before running into trouble with the central bank.
According to the central bank, 13 institutions bided for Crane bank but DFCU bank emerged overall winner after thorough vetting by the Central Bank.
According to the central bank on the 24th of January 2017, the bank of Uganda progressed crane bank from statutory management to receivership with bank of Uganda the receiver.
Furthermore, in exercise of its powers as receiver under section 95(1) (b) of the FIA, Bank of Uganda has transferred the liabilities (including deposits) of Crane Bank to DFCU Bank limited (“DFCU Bank”) and in consideration of that transfer of liabilities has conveyed to DFCU Bank, Crane Banks assets.
Also Read: Crane Bank Taken Over
This means that all customers and depositors of Crane Bank will now have their accounts managed by DFCU bank. By taking over the assets of Crane bank, DFCU therefore has increased its branch network throughout the country.
Facts about DFCU Bank Limited
DFCU Limited is a bank in Uganda licensed by the Central bank. DFCU was started by the Commonwealth Development Corporation (CDC) of the United Kingdom and the Government of Uganda through the Uganda Development Corporation (UDC) under the name of Development Finance Company of Uganda Limited.
DFCU Limited was incorporated under the Laws of Uganda on the 14th of May 1964, as a Private Limited Liability Company.
In May 2000, dfcu acquired Gold Trust Bank which became dfcu Bank, thus extending the services of the Bank to encompass general banking services in addition to the already existing equity finance, long term development finance, leasing, and working capital finance.
On 18th March 2004 DFCU Limited became a Public Limited Liability Company and was listed on the Uganda Securities Exchange on the 14th of October 2004.
Also Read: Crane Bank Uganda Dilema