October 29, 2020
October 29, 2020

Troubles: DfcuBank Customers Drastically Reduced Due To Uncertainties And It’s Future, Over 19 Branches To Be Closed


Some of the branches/buildings DfcuBank to be closed that belongs to Meera Investment/Sudhir Ruparelia
By Our Reporter
KAMPALA: The troubled DfcuBank is reportedly finalizing preparations for the closure of 19 branches which they have been operating both central and upcountry.
Besides most of the buildings that housed the affected branches are owned by Meera Investments Ltd,  which had leased them to defunct Crane Bank, and later Dfcu Bank bought from Bank of Uganda but under a shady deal.
The in-house source (DFCU) narrates to this website that the second reason is because “customers have since drastically reduced due to alot of uncertainties about its future they can’t insisted to stay while branches are operating because the cost could eat into their capital and cause more harm to the bank. However if the business was fully okays, they could even opt out of Meera’s buildings and rent other buildings around. Reviewed by the Source
 “This not a normal changes/Closer  to the business or address, people always shift businesses miles away and they keep their old customers. Satisfied customers will walk miles looking for you, so leaving Meera’s buildings is not the main issue but  business is not doing well” Source adds
The affected branches that face closure includes; Masaka branch, Jinja, Mbarara, Fortpotal, Mbale, Soroti, Kisoro, Lyantonde, Kyengera, Ntungamo, Rushere, Luwero, Hoima, Arua, Gulu, Malaba, Iganga, Mukono and Busia.
DfcuBank took over Meera’s properties following the advice of their (then) lawyers of Lule, Sebalu & Co.Advocates.
Later, when the directors of Meera Investments Ltd , Dr Sudhir Ruparelia and Rajiv Ruparelia dragged Dfcubank to the High Court, it was ruled that dfcu Bank erroneously took over properties belonging to Meera Investments Ltd and that they should vacate the same, on top of compensating the Petitioner “Meera Investments Ltd” for the time the Bank had been occupying the premises,  without the consent of the owners.
The court ruling opened a can of worms at dfcu Bank, which has since seen the Bank announce the closure of 48 branches across the country, such that they can relocate them to other premises, a move that is so costly that it is likely to see throughout Bank close shop for good.
Meanwhile our efforts to get a comment from DfcuBank public relations office were futile as they failed to answer our calls.
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