DFCU Acquires Crane Bank

Crane Bank was taken over by DFCU Bank

The Bank of Uganda (BoU) has Friday morning transferred Crane Bank assets and liabilities to DFCU Bank, nurse Chimp Corps report.

The development was revealed by the BoU Manager, Prof Emmanuel Tumusiime Mutebile, during a press briefing at Bank of Uganda offices in Kampala.

“In exercise of its powers as Receiver, under Sec 95(1)(b) of FIA, Bank of Uganda has now transferred the liabilities (including deposits) of Crane Bank to DFCU Bank and in consideration of that transfer of liabilities has conveyed to DFCU bank, Crane Bank’s assets,” said Prof Mutebile.

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Bank of Uganda took over management of Crane Bank in September 2016 citing a systematic disability in the Banks management and that its activities in current are detrimental to interests of depositors. The Bank has since then been conducting banking business but under management and control of BOU

“Subsequent to the takeover, BoU as required by law, appointed an independent external Auditor to take an inventory of assets and liabilities of Crane Bank which exercise confirmed the Bank’s liabilities as at the September 20th, 2016, grossly exceeded its assets and that it was insolvent,” Mutebile said.

He explained that “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 take over,” said Mutebile.

He assured the public that BoU will continue to protect depositors interests and maintain the stability of the financial sector in the country.


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