DFCU Bank

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DFCU Bank
Public, USE: DFCU
Industry Financial services
Founded January 1, 1964; 54 years ago (1964-01-01)
Headquarters 26 Kyaddondo Road
Nakasero, Kampala, Uganda
Key people
Elly Karuhanga
Chairman
Juma Kisaame
Managing Director
Products Loans, checking, savings, investments, debit cards, credit cards, mortgages
Revenue IncreaseAftertax: UGX:106.9 billion (US$29 million) (2017)[1]
Total assets USh3.03 trillion (US$821.6 million) (2017)[1]
Number of employees
~1,000+ (2017)[2]
Website www.dfcugroup.com

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 licensed by the Bank of Uganda, the central bank and national banking regulator.[3]

Overview[edit]

As of December 2017, DFCU Bank was the second-largest commercial bank in Uganda, with total assets of USh3.03 trillion (US$821.6 million), with shareholders' equity of USh508.8 billion (US$138 million).[1] As of 30 June 2017, DFCU Bank operated 67 branches and 100 automated teller machines.[4][5]

History[edit]

DFCU Bank was established in 1964 as the Development Finance Company of Uganda. In 2000, DFCU acquired Gold Trust Bank, thereby transforming itself into a commercial bank.[6]

On 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".[7] The former assets of Global Trust Bank that DFCU acquired were valued at about UGX:73 billion.[8]

On 27 January 2017, DFCU took over Crane Bank, which had been under the statutory management of the Bank of Uganda because Crane's liabilities exceeded its assets. The acquisition included all customer deposit accounts and some loan accounts.[9]

Ownership and affiliation[edit]

The stock of DFCU Limited, the parent company of DFCU Bank, trades on the Uganda Securities Exchange under the symbol "DFCU". As of October 2017, the major shareholders in the stock were:[10]

DFCU Bank Stock Ownership
Rank Name of Owner Percentage Ownership
1 Arise BV
58.71
2 CDC Group of the United Kingdom
9.97
3 National Social Security Fund (Uganda)
7.69
4 Kimberlite Frontier Africa Naster Fund
6.15
5 Two undisclosed Institutional Investors
3.22
6 SSB-Conrad N. Hilton Foundation
0.98
7 Vanderbilt University
0.87
8 Blakeney Management
0.63
9 Bank of Uganda Staff Retirement Benefits Scheme
0.59
10 Retail investors
11.19
Total
100.00
  • 1. DFCU Bank is a subsidiary of DFCU Group.[11]
  • 2. Arise BV is a special purpose vehicle company, formed in 2016 and co-owned by Norfund, FMO and Rabobank. Arise invests in African financial institutions.[12]

Branch network[edit]

With its headquarters in Kampala, DFCU Bank had branches in central, eastern, northern, and western Uganda. As of July 2017, the bank maintained 68 branches in Uganda. The branch network included the following locations, arranged alphabetically:[13] The list includes some branches of the defunct Crane Bank.[4]

  1. Abayita Ababiri Branch - 688/893, Block 438, Entebbe Road, Abayita Ababiri
  2. Abim Branch - 8 Lira-Kotido Road, Abim
  3. Acacia Branch - 24 Acacia Avenue, Kololo, Kampala[14]
  4. Agago Branch - 1 Odok Road, Agago Town Council
  5. Arua Branch - KKT Centre, 16/22 Duka Road, Arua
  6. Ben Kiwanuka Branch 1 - Hidar Plaza, Ben Kiwanuka Street, Kampala
  7. Ben Kiwanuka Branch 2 - Sun City Plaza, 17 Ben Kiwanuka Street, Kampala
  8. Bugoloobi Branch - Kagga House, 2 Bandali Rise, Bugoloobi, Kampala
  9. Busia Branch - 101 & 103 Customs Road, Busia
  10. Bwaise Branch - 975-976 Sir Apollo Kaggwa Road, Bwaise, Kampala
  11. Dokolo Branch - Akeidebe Zone, Bata Road, Dokolo
  12. Elegu Branch - Gulu–Nimule Road, Elegu
  13. Entebbe Town Branch - 22 Kampala Road, Entebbe
  14. Entebbe Road Branch - Freedom City Mall, Namasuba, Kampala
  15. Gulu Branch - 1 Doctor Lucile Road, Gulu
  16. Gulu University Branch - DFI Block, University Avenue, Gulu University campus, Gulu
  17. Hoima Branch - Kasangaki Building, 58 Main Street, Hoima
  18. Ibanda Branch - 52 – 54 Rushere Road, Ibanda
  19. Iganga Branch - 80 & 82 Main Street, Iganga
  20. Impala House Branch - Impala House, 13 Kimathi Avenue, Kampala
  21. Ishaka Branch - 45 Ishaka-Rukungiri Road, Ishaka
  22. Isingiro Branch - 36 Kikagate Road, Isingiro[15]
  23. IUIU Branch - Islamic University in Uganda campus, Mbale
  24. Jinja Branch - 10 Lady Alice Muloki Road, Jinja[16]
  25. Jinja Road Branch - Crane Chambers, 38 Jinja Road, Kampala
  26. Kabale Branch - 143/145 Kabale Road, Kabale
  27. Kampala Road Branch - Crown House, 4A Kampala Road, Kampala
  28. Kawempe Branch - Kampala-Gulu Highway, Kawempe, Kampala
  29. Kikuubo Branch 1 - Sisa Arcade, 4 Nakivubo Road, Kampala
  30. Kikuubo Branch 2 - Nambusi Mariam Arcade, 18 Nakivubo Road, Kampala
  31. Kireka Branch - 106 Jinja Road, Kireka
  32. Kisekka Branch - Kisekka Market, 70 – 76 Nakivubo Road, Kampala
  33. Kisoro Branch - 65/75 North Ward, Kisoro
  34. Kitgum Branch - 19 Janan Luwum Street, Kitgum
  35. Kyaggwe Road Branch - 1st Floor, Nabugabo Business Centre, Kyaggwe Road, Kampala
  36. Kyengera Branch - 60/61, Block 333, Masaka Road, Kyengera
  37. Kyadondo Road Branch - DFCU House, 26 Kyaddondo Road, Nakasero, Kampala Main Branch[17]
  38. Kyambogo Branch - 48/50, Mukabya Road, Kyambogo, Kampala
  39. Kyambogo University Branch - Kyambogo University, Kyambogo, Kampala
  40. Lira Branch - 4 Soroti Road, Lira
  41. Lugogo Branch - Lugogo Mall, Lugogo Bypass Road, Lugogo
  42. Luweero Branch - 846 Kampala-Gulu Highway, Luweero
  43. Lyantonde Branch - Lyantonde
  44. Makerere Branch - 45 Pool Road, Makerere University campus, Kampala
  45. Market Street Branch - Aponye City Mall, 8 Burton Street, Kampala
  46. Masaka Branch - 22 Kampala Road, Masaka
  47. Mbale Branch - 2 Court Road, Mbale
  48. Mbarara Branch - 73 High Street, Mbarara[18]
  49. Mukono Branch - 18/20 Jinja Road, Mukono
  50. Naalya Branch - Quality Shopping Mall, Naalya
  51. Nakivubo Branch 1 (Gagawala Shauliyako), 40A, Nakivubo Place, Kampala
  52. Nakivubo Branch 2 - 26/27 Nakivubo Road, Kampala
  53. Nateete Branch - 757 Wakaliga, Nateete, Kampala
  54. Ndeeba Branch - 224 Masaka Road, Ndeeba, Kampala
  55. Nsambya Branch - 1207 Ggaba Road, Nsambya, Kampala
  56. Ntinda Branch 1 - Capital Shoppers City, Ntinda Road, Ntinda, Kampala
  57. Ntinda Branch 2 - 1B Ntinda Road, Ntinda, Kampala
  58. Ntungamo Branch - 18 Old Kabale Road, Ntungamo
  59. Owino Market Branch - 769 Kafumbe Mukasa Road, Kampala
  60. Pader Branch - 8 Lagwai Zone B, Pader
  61. Pallisa Branch - 8 Kasodo Road, Pallisa
  62. Royal Plaza Branch - 35 Luwum Street, Kampala
  63. Rushere Branch - 52 – 54 Rushere Road, Rushere
  64. Sixth Street Branch - 165 6th Street, Industrial Area, Kampala
  65. Soroti Branch - 38 Gweri Road, Soroti
  66. Tororo Branch - 9 & 11 Mbale Road, Tororo
  67. William Street Branch - 66 William Street, Kampala
  68. Wilson Lane Branch - 17 Wilson Lane, Kampala.

DFCU House[edit]

DFCU Group has built a ten-story headquarters building that also houses the main branch of DFCU Bank. The building is often referred to as DFCU House. Located at 26 Kyaddondo Road, on Nakasero Hill, in Kampala's central business district, the development has underground and surface parking, as well as rentable, retail, and office space on several levels.[19]

See also[edit]

References[edit]

  1. ^ a b c DFCU Bank (28 March 2018). "DFCU Bank Limited Extract of Financial Statements for the year Ended 31 December 2017". Kampala: Uganda Securities Exchange. Retrieved 28 April 2018. 
  2. ^ Mark Keith Muhumuza, and Jonathan Adengo (30 January 2017). "Crane Bank acquisition: What next for DFCU?". The EastAfrican. Nairobi. Retrieved 3 June 2018. 
  3. ^ BOU (31 March 2017). "List of Licensed Commercial Banks As At 31 March 2017" (PDF). Kampala: Bank of Uganda (BOU). Retrieved 12 July 2017. 
  4. ^ a b Mark Keith Muhumuza, and Jonathan Adengo (1 February 2017). "Dfcu closes 23 Crane Bank branches". Daily Monitor. Kampala. Retrieved 1 May 2017. 
  5. ^ The Independent (August 15, 2017). "DFCU Bank posts Sh114 billion net profit in first 6 months". The Independent (Uganda). Kampala. Retrieved 15 March 2018. 
  6. ^ DFCU (4 July 2015). "DFCU Group: Who We Are". Kampala: DFCU Group. Retrieved 4 July 2015. 
  7. ^ National, News (25 July 2014). "Global Trust Bank Shut Down". Daily Monitor. Retrieved 25 July 2014. 
  8. ^ Edgar Angumya, and Alon Mwesigwa (27 July 2014). "Uganda: Gold Trust Bank Loses Battle As DFCU Takes Over". The Observer (Uganda) via AllAfrica.com. Retrieved 29 July 2014. 
  9. ^ "UPDATE 1-Uganda's Crane Bank assets, liabilities transferred to dfcu - central bank". Reuters. 27 January 2017. Retrieved 27 January 2017. 
  10. ^ Busuulwa, Bernard (16 October 2017). "Ugandan bank fails to sell all shares in mixed trade". The EastAfrican. Nairobi. Retrieved 16 October 2017. 
  11. ^ USE (12 July 2017). "DFCU Profile At Uganda Securities Exchange Website". Kampala: Uganda Securities Exchange (USE). Archived from the original on 15 April 2014. Retrieved 12 July 2017. 
  12. ^ Staff Writer (14 February 2017). "Europe's Arise BV hits ground running with CAL Bank acquisition". Asokoinsight.com. Retrieved 16 October 2017. 
  13. ^ DFCU (12 July 2017). "Branch Network of DFCU Bank In July 2017". Kampala: DFCU Group (DFCU). Retrieved 12 July 2017. 
  14. ^ Kaujju, Peter (10 February 2005). "Dfcu Bank Opens Branch On Acacia Avenue". New Vision. Kampala. Retrieved 12 July 2017. 
  15. ^ Sanya, Wilfred (17 November 2009). "Isingiro District Gets First Bank". New Vision. Kampala. Retrieved 12 July 2017. 
  16. ^ Ssejjoba, Eddie (20 August 2009). "Dfcu in Jinja". New Vision. Kampala. Retrieved 12 July 2017. 
  17. ^ DFCU (28 April 2016). "Welcome to DFCU Kyadondo Road Branch" (PDF). Kampala: DFCU Group (DFCU). Retrieved 28 April 2016. 
  18. ^ Sanya, Wilfred (26 January 2009). "DFCU Bank opens branch in Mbarara, focuses on regional expansion". New Vision. Retrieved 12 July 2017. 
  19. ^ "Kampala: Introducing the DFCU House". Symbion Group Plc. Retrieved 30 April 2014.