DFCU bank has fully taken over the operations of Crane Bank which formerly belonged to money magnet Sudhir Ruparelia.
A statement from governor Bank of Uganda Tumusime Mutebile confirmed the development saying, “all customers and depositors of Crane Bank shall have their accounts operated by DFCU bank through its wide branch network which will include some of which were formerly branches of Crane Bank Ltd.”
“In exercise of its powers as Receiver, under Sec 95(1)(b) of FIA, BoU has now transferred the liabilities of Crane Bank to DFCU Bank,”
Mutebile added that, “Bank of Uganda congratulates DFCU bank upon this significant milestone that will certainly make the bank’s footprint wider.”
Mutebile assured the public that the central bank will continue to protect the interest of depositors and maintain the stability of the financial sector.
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.
