DFCU Bank

DFCU Bank
Public
Parent dfcu Limited listed on Uganda Securities Exchange as "DFCU"
Industry Financial services
Founded 1964
Headquarters 26 Kyaddondo Road
Nakasero, Kampala, Uganda
Key people
 Elly Karuhanga
chairman
Juma Kisaame
managing director
Products Loans, checking accounts, savings, investments, debit cards, credit cards, mortgages
Revenue IncreaseAftertax: UGX:106.9 billion (2017)[1]
Total assets UGX:3.03 trillion (2017)[1]
Number of employees
 about 1,000 (2017)[2]
Website www.dfcugroup.com

DFCU Bank, registered as the Development Finance Company of Uganda Bank Limited and marketed as "dfcu Bank", is a commercial bank in Uganda. It is licensed by the Bank of Uganda (BoU), Uganda's central bank and national banking regulator.[3]

Overview

As of December 2017, dfcu Bank was the second-largest commercial bank in Uganda, with total assets of UGX:3.03 trillion and shareholders' equity of UGX:508.8 billion.[1] As of 30 June 2017, dfcu Bank operated 67 branches and 100 automated teller machines.[4][5]

History

The Development Finance Company of Uganda Limited was established in 1964, with its name changing in 2000 to DFCU Limited[6] and eventually to dfcu Limited.[7] In 2000, dfcu Limited acquired Gold Trust Bank, which subsequently became dfcu Bank.[6]

In July 2014, the BoU transferred to dfcu Bank the customer deposits of the Global Trust Bank, a small retail financial institution that the BoU had closed because it never became commercially viable.[8] The deposits were valued at UGX:73 billion.[8]

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

Ownership and affiliation

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 Limited Stock Ownership
RankName of OwnerPercentage Ownership
1Arise BV
58.71
2CDC Group of the United Kingdom
9.97
3National Social Security Fund of Uganda
7.69
4Kimberlite Frontier Africa Naster Fund
6.15
5Two undisclosed institutional investors
3.22
6SSB-Conrad N. Hilton Foundation
0.98
7Vanderbilt University
0.87
8Blakeney Management
0.63
9Bank of Uganda Staff Retirement Benefits Scheme
0.59
10Retail investors
11.19
Total
100.00
  • 1. dfcu Bank is a subsidiary of dfcu Limited.[6]
  • 2. Arise BV is a special purpose vehicle company, formed in 2016 and co-owned by Norfund, the Netherlands Development Finance Company, and Rabobank. Arise invests in African financial institutions.[11]
  • 3. In July 2018, the New Vision newspaper in Uganda reported that CDC Group had indicated its desire to exit the investment.[12]

Branch network

With its headquarters in Kampala, dfcu Bank had the following 68 branches in all areas of Uganda as of July 2017. 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[13]
  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[14]
  23. IUIU Branch - Islamic University in Uganda campus, Mbale
  24. Jinja Branch - 10 Lady Alice Muloki Road, Jinja[15]
  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
  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[16]
  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

dfcu Limited 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.[17]

See also

References

  1. 1 2 3 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; Jonathan Adengo (30 January 2017). "Crane Bank acquisition: What next for DFCU?". The EastAfrican. Nairobi. Retrieved 3 June 2018.
  3. ↑ "List of licensed Commercial Banks as at 31 March 2017" (PDF). Bank of Uganda. 31 March 2017. Retrieved 12 July 2017.
  4. 1 2 Mark Keith Muhumuza; Jonathan Adengo (1 February 2017). "Dfcu closes 23 Crane Bank branches". Daily Monitor. Kampala. Retrieved 1 May 2017.
  5. ↑ "DFCU Bank posts Sh114 bn net profit in first 6 months". The Independent. Kampala. 15 August 2017. Retrieved 15 March 2018.
  6. 1 2 3 "Company Details: Development Finance Company of Uganda Ltd". Kampala: Uganda Securities Exchange. 12 July 2017. Archived from the original on 15 April 2014. Retrieved 12 July 2017.
  7. ↑ "About us". dfcu Limited. Retrieved 15 August 2018.
  8. 1 2 "Uganda central bank takes over small commercial bank". Reuters. 25 July 2014. Retrieved 15 August 2018.
  9. ↑ "UPDATE 1-Uganda's Crane Bank assets, liabilities transferred to dfcu - central bank". Reuters. 27 January 2017. Retrieved 27 January 2017.
  10. ↑ Bernard Busuulwa (16 October 2017). "Ugandan bank fails to sell all shares in mixed trade". The EastAfrican. Nairobi. Retrieved 16 October 2017.
  11. ↑ "Europe's Arise BV hits ground running with CAL Bank acquisition". Asokoinsight.com. 14 February 2017. Retrieved 16 October 2017.
  12. ↑ Benon Ojiambo (7 July 2018). "We are still here - dfcu Bank shareholders". New Vision. Kampala. Retrieved 8 July 2018.
  13. ↑ Peter Kaujju (10 February 2005). "dfcu Bank opens branch on Acacia Avenue". New Vision. Kampala. Retrieved 12 July 2017.
  14. ↑ Wilfred Sanya (17 November 2009). "Isingiro district gets first bank". New Vision. Kampala. Retrieved 12 July 2017.
  15. ↑ Eddie Ssejjoba (20 August 2009). "Dfcu in Jinja". New Vision. Kampala. Retrieved 12 July 2017.
  16. ↑ Wilfred Sanya (26 January 2009). "dfcu Bank opens branch in Mbarara, focuses on regional expansion". New Vision. Kampala. Retrieved 12 July 2017.
  17. ↑ "Kampala: Introducing the DFCU House". Symbion Group Plc. Retrieved 30 April 2014.
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