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BAILOUT BY ANOTHER NAME: Billionaire Sudhir Ruparelia gets shares in DFCU Bank after Crane Bank Takeover

Billionaire tycoon Sudhir Ruparelia will get shares in DFCU bank when the bank took over all assets and liabilities of his now defunct Crane Bank.

Sudhir Ruparelia

Sudhir, his family, and his Partners Tom Mugenga and a Company known as white sapphire will get shares in DFCU as part of the Bank of Uganda Brokered deal that saved Crane Bank.They will get up to 20% of the bigger DFCU group and the deal will be subject to shareholder approval at the Bank’s upcoming Annual shareholders meeting. They, however, will not be allowed any management roles.

 

DFCU has already rebranded all crane Bank Branches, and operations will resume normally, it was supposed to be a 2 months transition, unfortunately, the deal leaked in the media before and the deal had to be fast-tracked to avoid panic and ensure a smooth transition.

Bank of Uganda took over management of crane Bank last year in October after the Bank’s owners failed to raise capital to finance their Bank. The bank was later sold to DFCU Bank which is owned by a consortium of international Banks, pension funds and Ugandan shareholders. shielding it from the shocks that led to the collapse of crane Bank.

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