By Juliet Hildah Namulundu.
Dfcu Bank has commenced the integration of former Crane Bank assets and liabilities enabling it to serve both Dfcu and former Crane Bank customers across its entire branch network in the country. This follows the conclusion of a purchase and assumption agreement with Bank of Uganda (BOU) on Friday 27th January 2017 in which the bank acquired the assets and assumed some of the liabilities of Crane Bank.
Dfcu emerged the best bidder in an allegedly competitive process beating 13 other banks that expressed interest in Crane Bank. The bank’s management said they were ready for the growth and are confident in terms of capital and other necessities that they will be able to run this integration.
Dfcu Bank MD Juma Kisaame (2nd L) and the Bank’s Chairman Jimmy Mugerwa (2nd R) address the media while announcing Crane Bank’s take over.
Addressing a press conference at the bank’s headquarters in Kampala this morning, Juma Kisaame, the bank’s Managing Director said, “The acquisition gives us the impetus to achieve our strategic objective of building a robust retail operation with multiple delivery channels whilst consolidating our position as a key player in the SME market segment. It also supports our goal of promoting financial inclusion in Uganda.”
He explained the acquisition was a competitive process and emerging as the successful bidder in the transaction was testament to BOU’s confidence in Dfcu as a financial institution.
“This acquisition also provides a final resolution to the Central Bank’s intervention in the former Crane Bank and restores confidence in the market. We take pride in our contribution in fostering the stability and integrity of the financial services sector in Uganda,” he added.
The process of integration is almost done and all former Crane Bank branches around the country are running effectively since yesterday.
“There were some hiccups yesterday morning but by the end of the day, business was moving on smoothly,” said Kisaame
Dfcu Bank’s new and existing customers now have access to 66 branches and over 100 ATMs countrywide. The bank however did not disclose the amount invested in the acquisition.