Dfcu Bank has announced that it will close 22 branches across the country with sources revealing that most of the branches had been acquired following the dissolution of Crane Bank.
In a notice circulating on social media, the branches that will be closed have been duly notified.
It should be remembered that last year, Meera Investments has dragged Dfcu Bank to the Land Division of the High Court, seeking to reclaim its 46 branches that were allegedly acquired illegally countrywide following the dissolution of Crane Bank owned by businessman Sudhir Ruparelia.
It is not yet clear whether the 22 are part of the 46 that were being sought after by Sudhir’s company.
This development follows an August 26 Commercial Court ruling, dismissing the Shs397bn case where Bank of Uganda and Crane Bank in receivership had sued Sudhir for allegedly siphoning money out of his bank. The court ruled that a bank in receivership cannot sue or be sued.
Sudhir also won the battle for his Meera Investments properties that now house several Dfcu Bank branches. BoU claimed Sudhir had transferred the branches from Crane Bank to Meera before leasing them out to Crane Bank again.