Friday January 27 2017

DFCU takes over Crane Bank



Crane Bank headquarters in Kampala. File photo

Crane Bank headquarters in Kampala. File photo 

By Jonathan Adengo

In exercise of its powers as receiver, under Sec 95(1)(b) of FIA, Bank of Uganda has transferred the liabilities (including deposits) of Crane to DFCU Bank.
Bank of Uganda Governor Emmanuel Mutebile said on Friday the central bank has also conveyed Crane Bank’s assets to DFCU bank.
Addressing journalists in Kampala, Mr Mutebile explained all customers and depositors of Crane Bank shall now have their accounts operated by DFCU Bank through its wide branch network.

“After thorough vetting, DFCU emerged winner amongst 13 institutions that bid for Crane Bank. BoU reassures the public that it will continue to protect depositors’ interests and maintain the stability of the financial sector,” Mr Mutebile said.
In October last year, Bank of Uganda took over the management of Crane Bank Ltd and issued a notice to the public setting out the reasons for the takeover.

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