DFCU takes over Crane Bank

Bank of Uganda has confirmed that it has transferred the assets of Crane Bank to DFCU Bank.

“In exercise of its powers as Receiver, under Sec 95(1)(b) of FIA, BoU has now transferred the liabilities (incl deposits) of CB to DFCU Bank,” Bank Governor Emmanuel Tumusiime-Mutebile told the press in a statement on Friday, adding that ” and in consideration of that transfer of liabilities, has conveyed to DFCU bank, Crane Bank’s assets.”

He said all customers and depositors of Crane Bank shall now have their accounts operated by DFCU Bank through its wide Branch network.

He revealed that after thorough vetting, DFCU emerged winner among 13 institutions that bid for Crane Bank.

“BoU congratulates DFCU Bank upon this significant milestone that will certainly make the bank’s footprint wider,” he said.

“BoU reassurs the public that it will continue to protect depositors interests and maintain the stability of the financial sector.”

Bank of Uganda took over management of Crane Bank Limited in October last year.

According to BOU, the action taken then was upon the determination by the Bank of Uganda that Crane Bank Limited was significantly under-capitalised.

Since then, Crane Bank has been conducting banking business but under management and control of BOU.

DFCU Takes Over Crane January 2017 by The Independent Magazine on Scribd

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editor@independent.co.ug