The Commonwealth Development Corporation (CDC), a group of British Investors have left DFCU Bank after selling their stake of shs 48.1 billion for the 74.5 shares.
Whereas DFCU Bank had earlier remained cagey of the news, the confirmation was made by Seema Dhanani who heads CDC Kenyan office and also acts as the Coverage Director.
Addressing the media on Thursday in Kampala, Ms Seema said the group is looking at the start of a new chapter by exploiting new opportunities to invest in Uganda’s economy.
“We are looking at the start of the new chapter. We are looking for new opportunities to invest the policies of our establishment from DFCU into other businesses,” she told the media in Kampala.
She added that, CDC already has established portfolio in Uganda.
“We have about $120m made up of 35 businesses in the economy. These businesses have an important impact on the country’s economy supporting almost 3000 direct jobs and we contribute $7.4m in taxes,” said Seema.
Seema clarified that CDC hunted for the right replacement who shares same values with the group.
“We wouldn’t have sold our stake in DFCU unless we found an investor that shares our values and would be equally dedicated as a long time supporter of the bank’s management team. So we found a perfect buyer of our stake.”
She concluded that, “we may have sold our stake in DFCU but our friendship with the bank and its management team doesn’t end here. I am sure we will continue to do lots of businesses together. I certainly hope so as we look to further invest in the Ugandan economy.”
However, reports say, the British investors fell out with DFCU after the bank’s management defied CDC’s calls to drop the idea of acquiring Crane Bank.
The group had internalised the flaws and illegalities shrouding the sale of Sudhir Ruparelia’s financial institution.
Taking over the assets and liabilities of Crane Bank required DFCU to source more liquidity to service manpower in order to operate all the Crane Bank Branches.
Realizing DFCU had given their advice a deaf ear, they early this year informed DFCU chairman Elly Karuhanga that their shares were up for sale.
