Dfcu bank is in a PR crisis after internal documents leaked indicating, the financial institution was existing branches they had fraudulently taken over from Meera Investment which part of the Ruparelia Group owned by city businessman Sudhir Ruparelia.
Local websites published a leaked internal document from Dfcu calling for bids to provide for space in areas and districts they currently occupy some of the properties they fraudulently took over after Bank of Uganda sold Crane Bank.
The embattled DFCU Bank has conceded and has decided to vacate all the branches owned by Meera Investments Limited.
However, in a bid to nip the leaked document and stories afterword, Dfcu bank chief of business and Executive Director William Ssekabembe has gone on defensive.
“Dfcu bank has a network of 63 branches spread across the country. As we communicated at this year’s annual general meeting in June, the bank is in the process of implementing its digital strategy to drive better customer experience, improve efficiency and align its operations with emerging trends in the financial rationalization of branch operations and redesigning of branch model” reads the statement from Ssekabembe”.
Nevertheless, the statement shows the inconsistencies as it talks about rationalization, digital and agency banking and further rationalization of branches. However, the bank’s statement shows they are moving in the direction of closing a number of branches which Ssekabembe doesn’t want to admit.
DFCU Bank has called already opened bids for companies that want to provide consultancy services as it seeks to relocate to new areas in various districts and towns across Uganda.
The bank has been operating its business in buildings/properties belonging to Meera Investments Limited since it acquired Crane Bank Limited in 2017.
In August it emerged that the bank was misled by city Law firm Sebalu & Lule Advocates to illegally transfer title properties into its name yet the properties belong to Meera Investments Ltd even though it had leased them to Crane Bank Limited.
According to a leaked dossier, the Sebalu & Lule Advocates who have been barred by court from representing the same bank against city tycoon Sudhir Ruparelia for being conflicted. The law firm misled dfcu Bank to transfer leasehold titles from Crane Bank Ltd during the controversial takeover two years ago.
