- A total of 20 branches across the country to be affected as rent-free honeymoon comes to an end
- On October 20, 2016, Bank of Uganda took over the management of Crane Bank, suspended the board of directors.
About 20 DFCU branches across the country will have to vacate their incumbent locations after the bank management subdued to a court directive asking for immediate leave. Most of the current DFCU bank premises belong to Meera Investments Limited, a company run by Sudhir Ruparelia’s daughter.
The bank management yesterday issued a notice in which it politely asked its clients not go use the Kampala road branch effective February, 1 till February, 3 when they expect to have got other premises.
The bank announced it was to close for a couple of days in order to pave way for relocation. ‘During this period, you can access our services at Market Street and Kyadondo branches in addition to our digital channel,” part of the notice reads.
“Back in August, the high court ruled that DFCU was to either consider vacating Meera Investments properties or rent the space. DFCU instead considers vacating the premises after rejecting the other offer of buying off the properties.”
It should be recalled that Crane Bank which had undisputedly been the largest private money service in the country suffered a setback in the aftermath of the 2016 presidential general elections. On October 20, 2016, Bank of Uganda took over the management of Crane Bank, suspended the board of directors and declared the entity bankrupt.
They went ahead to ask private investors to take over management of the bank. DFCU one of the biggest banks in the country considered the offer and took over the. Consequently, hundreds of the Crane bank workforce were laid off and rendered jobless.