DFCU Completes Crane Bank Takeover

DFCU Completes Crane Bank Takeover

By Serestino Tusingwire

DFCU bank has been finally announced the overall winner among the 13 institutions that bid to take over the troubled Crane Bank.

According to the governor Bank of Uganda, Prof. Emmanuel Tumusime Mutebile, DFCU bank from now on will be handling the accounts of all crane bank customers.

“All customers and depositors of Crane Bank shall now have their accounts operated by DFCU,” Mutebile said.

He said this while delivering a statement on the status of Crane Bank which has been under the management of central bank for over three months.

“We want to reassure the public that BoU will continue to protect depositors’ interests and maintain stability of financial sector,” Mutebile said.

Crane Bank has been under the management of BoU since October last year, after it was confirmed that the bank was under-capitalised and posed systemic risk to the banking sector.

The BoU therefore suspended top management and took it over as it continued searching for the able bidder to keep the institution running.

It was not until DFCU emerged a winner that the governor entrusted it with all the powers to keep the bank running without sabotaging its account holders.

We shall keep you posted.