Management Crisis is yet to hit DFCU bank after 2nd Largest Shareholder CDC Group Plc showed interest in disposing off some or all of its shares in dfcu, Uganda Mirror reports.
This was revealed in a letter dated June 14 wrote to dfcu senior management and signed by CDC’s Investment Director in charge of Financial Institutions, Irina Grigorenko.
“It is our aspiration to exit in a manner that causes minimum disruption to the business and ensures the orderly trading of DFCU’s shares.” The letter further reads
In another interesting development, Chief of Business & Executive Director, William Sekabembe is rumoured to have resigned and is headed to KCB bank where he will take over as the Managing Director.
This website understands that Sekabembe was being groomed to take over from Juma Kisaame who contract is yet to expire.
It is not clear to why Ssekabembe has chosen to quit at a time when the second largest shareholder is planning an exit.
Bank’s Board Member Mr. Deepak Malik, CEO of Arise B.V which is also a majority shareholder with 58.7%, resigned from the board.
Mr. Deepak first joined the dfcu bank board in November, 2007 and dfcu Limited in December, 2007.
He was recently re-appointed to the board during dfcu’s 53rd Annual General Meeting, held at Sheraton on 7th June 2018.
In a statement by Ligomarc Advocates on behalf of DFCU bank, this development was confirmed.
“Mr. Malik plans to step down from the dfcu Board in order to enable the Bank meet the regulatory requirement of ensuring that at least 50% of its Board are persons resident in Uganda.”
More resignations
According to our highly placed sources, more than 69 members of staff have resigned due to late payments and improper treatment.
This website also understands that DFCU Ntinda Branch manager identified as carol also resigned.
