DFCU Bank takes over troubled Crane Bank - Daily Post Uganda

DFCU Bank takes over troubled Crane Bank

Bank of Uganda has officially transferred the assets and liabilities (including deposits) of troubled Crane Bank to DFCU Bank in a move that will see all customers of the bank, which was formerly owned by Ugandan billionaire Sudhir Ruparelia, taken over by DFCU.

Mutebile explained that: “In exercise of its powers as receiver, under section 95(1) (b) of Financial and other Institutions Act, Bank of Uganda has now transferred the liabilities including deposits of Crane bank to Dfcu bank.”

The governor told a news conference in Kampala on Friday that all customers and depositors of Crane bank shall now have their accounts operated by Dfcu bank through its wide branch network.

“Bank of Uganda reassures the public that it will continue to protect depositors’ interests and maintain the stability of the financial sector,” the governor said.

Bank of Uganda on September 20, 2016 took over the management of Crane bank and issued a notice to the public setting out the reasons for the takeover.

Mutebile said after thorough vetting, Dfcu emerged winner amongst the 13 institutions that bid for Crane bank.

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