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DFCU Bank Affirms Vacating Crane Bank Properties in 2020

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On October 24, 2023, Justice Tadeo Asiimwe issued a permanent injunction, restraining dfcu Bank from continuing trespass on properties subject to the suit. These properties were part of 48 leases taken over by dfcu Bank through the Purchase of Assets and Assumption Agreement (P&A) in 2017, following the acquisition of 48 former Crane Bank Limited (CBL) branches.

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Meera Investment Limited raised a legal challenge against the transfer of these leases from Bank of Uganda to dfcu Bank, leading to a recent court decision. The High Court of Uganda’s ruling on October 24, 2023, directed the Commissioner of Land Registration to annul the transfer of the properties to dfcu Bank. Additionally, the bank was ordered to provide vacant possession of these properties to Meera Investment within three months from the judgment date.

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Responding to the court decision, dfcu Bank clarified that the ruling wouldn’t impact its day-to-day operations as the concerned branches had been vacated in 2020. The bank vacated the buildings, which are situated in various locations across Uganda. Reports suggest some of these buildings, such as the former Ntinda Crane Bank branch, are positioned in road reserves.

dfcu Bank emphasized its full indemnification by the Bank of Uganda under the P&A agreement and assured stakeholders of its resilience, maintaining it is strongly capitalized and capable of meeting customer needs. The bank reiterated its commitment to its mission of transforming lives and businesses in Uganda.

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