The top bosses of dfcu Bank have finally done what was expected. At least 300 employees formerly working with Crane Bank Limited have been showed the exit door.
According to available information, Crane Bank was employing about 700 people but only 450 managed to keep their jobs.
This follows the January takeover of Crane Bank by dfcu after emerging as the best buyer.
Sources at dfcu told this reporter that they tried everything possible to keep employees but “it was not practical”.
RELATED: Employees to lose jobs as dfcu closes 23 Crane Bank branches
Following the takeover of Crane Bank last month, dfcu announced that it had closed 23 branches, meaning that those who lost the jobs saw it coming.
Before the merger, the two banks had a total of 89 branches around the country combined with Crane Bank having 46 branches while dfcu had only 43. The closure of 23 means that dfcu now operates a joint number of 66 branches across the country.
The employees have been told to handover company property by the end of February meaning they are not expected to work on Tuesday when the month ends.
Crane Bank, formerly owned by businessman Sudhir Ruparelia ran into trouble after the Central Bank declared that the bank which had enjoyed good business years was undercapitalized.
It subsequently took it over before BoU sold its assets and liabilities to dfcu.
