DFCU Bank, registered as the Development Finance Company of Uganda Bank Limited and commonly known as DFCU, is a commercial bank in Uganda. It is one of the regulated financial institutions that is licensed by the Bank of Uganda, the Central Bank and national banking regulator.
Overview
DFCU Bank is a major player in the financial sector, with an estimated asset base of nearly US$481.5 million (UGX:1.3 trillion) as of December 2014, representing about 7% of all bank assets in Uganda at the time. Shareholders' equity as of December 2013, was approximately US$57 million (UGX:143.6 billion). In 2013, the bank was the fifth-largest commercial bank in Uganda, by assets.
History
DFCU Bank was established in 1964 as a development finance company; Development Finance Company of Uganda. In 2000, DFCU acquired Gold Trust Bank, transforming into a commercial bank at that time. In 2005, the shares of DFCU Group, the parent company of DFCU Bank, were listed on the Uganda Securities Exchange, where they trade under the symbol: DFCU.
On Friday 25 July 2014, DFCU Bank acquired some of the assets and liabilities of the former Global Trust Bank, a small retail financial institution that the Bank of Uganda had closed. The acquisition included all customer deposit accounts and all loan accounts. Those assets not taken over by DFCU "will be liquidated by Bank of Uganda". The former assets of GTB that DFCU acquired are valued at about UGX:73 billion (approximately US$28 million). Given that data, the total valuation of DFCU Bank's assets, as of July 2014, is about UGX:1.27 trillion, (US$490 million).
DFCU Group
DFCU Bank is a subsidiary of DFCU Group, which includes the following companies:
- DFCU Limited
- DFCU Bank
- DFCU Leasing Limited
- Rwenzori Properties Limited
- Nakasero Properties Limited
DFCU Limited is the holding company and is listed on the Uganda Securities Exchange, where it trades, under the symbol DFCU.
DFCU Group ownership
As of April 2013, Actis, which at that time owned 60.02% of the stock of DFCU Group, began negotiations to sell some of the stock to Norfund of Norway and Rabo Development BV of the Netherlands. When those negtotiations were concluded, the stock ownership in the company looked as depicted in the table below:
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