Ugee

Dfcu Bank owners endorse merger

KAMPALA SHAREHOLDERS have unanimously endorsed a proposal to merge Dfcu Limited and Dfcu Bank into a single entity. Officials said the process would be completed in the first quarter of 2008. The Board Chairman, Dr. Nkosana Moyo, said the move is intended to create a platform for substantial growth, increase the bank's balance sheet, and eliminate the confusion the current structure causes to its customers. "We want to improve service delivery, value to the shareholders, and broaden our range of products under one roof," he said at an extra ordinary general meeting in Kampala on December 6. The meeting was called specifically to address the matter, which was deemed to be urgent and could not wait for the next annual general meeting. Dr. Nkosana said they had also got the go ahead from industry regulators like Uganda Security Exchange (USE) and Capital Markets Authority and the Group's development partners. "Upon completion Dfcu Ltd, the holding company, will remain a public listed entity on USE," Mr Moyo said.   No jobs will be lost, as all staff will be transferred to the bank. Dfcu Ltd Chief Executive Officer Mortimer George, said the proposed integration ot the two firms would remain subject to approval by Bank of Uganda  after all due diligence has been completed.

 

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