Wednesday, September 19, 2018
BankingFeatured

Dfcu Bank Reassures Clients, Partners Of Continued Growth

Crane Bank

Dfcu Bank have been reassured of a strong base by Dfcu Ltd.

According to Dfcu Ltd, the financial institution is well positioned for growth.

Dfcu was established in 1964 with the aim of creating a commercially operated development organization to support the economic transformation of Uganda.

The reassurance comes on the heels of reports of uncertainty at the bank.

Early this week, the bank’s oldest investor, Commonwealth Development t Corporation (CDC) announced that it planned to pull out of the partnership.

“We have invested in an ultra-modern head office building as a demonstration of our long term commitment to the development of Uganda,” George Ochom, the Dfcu Ltd chairman said, according to a brief issued to the media on Thursday afternoon.

According to reports, CDC Group Plc invested in dfcu Limited at its inception in 1964 alongside Uganda Development Corporation (UDC), the German Development Corporation (DEG) and International Financial Corporation (IFC) each holding a 25 percent stake in the company.

Dfcu Limited was listed on the stock exchange in 2004 resulting in a 60 percent shareholding for CDC and exit of IFC, DEG and UDC to enable the public acquire a stake in dfcu.

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