The real owners of DFCU/Crane Bank unmasked

  • by Ignatius Liposhe
  • March 17, 2017

In Uganda, it is widely known that lenders do not disclose their top shareholders to the general public but after DFCU Bank Limited’s taking over Crane Bank, more than four months after the Central Bank took control of what used to be Uganda’s third largest banking institution, the new owner’s identities have been dug up.

Rabo development a private equity firm form the Netherlands and NOR Finance-Owned by four Norwegian private investors both hold 136,594,923m shares each which represents 55.08% shareholding. Common Wealth Development corporation holds 75,580,276m shares at 15% and the National Social Security Fund with 29,487,658m shares with 5% shareholding. The four investors hold 75% of the company stock.

Taking over Crane Bank

Bank of Uganda Governor Emmanuel Mutebile told journalists in Kampala on Friday that the central bank has transferred all Crane Bank’s assets and liabilities to DFCU group adding that all customers and depositors of Crane Bank shall now have their accounts operated by DFCU Bank Limited.

Mutebile said DFCU emerged winner out of 13 institutions that competed to take over of Crane Bank. He added that the sale was in exercise of the Central Bank’s powers as a receiver, under Sec 95(1)(b) of the Financial Intelligence Act.

The newly branded DFCU in Ntinda

Hours after Bank of Uganda confirmed the take over, a Facebook user, Jonathan Benaiah, has shared a photo of one of its branches in Ntinda where its branding has been replaced by DFCU’s.