Crane Bank Curses? dfcu Bank Grapples To Remain In Business As 15 Top Executives Resign In One Month

Crane Bank Curses? dfcu Bank Grapples To Remain In Business As 15 Top Executives Resign In One Month

By Spy Uganda

Kampala: The latest news landing on our news desk indicate that 15 dfcu Bank top executives have suddenly abandoned their positions in a period of one month which has left the bank in a complex and challenging situation with significant implications on its stakeholders and the customers.

Of recent, dfcu has found itself facing a series of unforeseen challenges and the simultaneous departure of almost the entire top leadership team has created a vacuum and sends shockwaves through the financial industry as well as the customer base.

The departure of these high-profile leaders has also left uncertainty of the future of the new leadership led by Charles M. Mudiwa who was appointed as Managing Director and Chief Executive Officer seven months ago.

Some of the top executives who have exited include; -Joan Ntabadde the head Customer Service, Miranda Bageine head Personal Banking, Ronald Kasasa head Business Banking, Godfrey Mundua head Corporate Banking, Malik Dillis Akello, a relations among other juniors.

Our spies have since established that Mudiwa, a Zimbabwean national is yet to consolidate his position but with the current exit of his subordinates, the bank is likely to go through a period of transition during which it will work to rebuild trust, enhance its financial standing, and define a new strategic direction under a fresh leadership team which remains to be seen.

Mudiwa replaced Mathias Katamba who also resigned at the end of last year after failing to turn around the bank considering he took charge at a time dfcu was grappling with hard times of grabbing Crane Bank.

Since 2017, dfcu has been battling court cases especially with Crane Bank(owned by city business tycoon Sudhir Ruparelia) where it lost majority of them and paying huge costs and damages.

The Bank recently lost two crucial cases to Crane Bank; London Court case and later High Court judgement ordered it to vacate Meera Investment buildings and also pay UGX 2.4 billion for trespass.

Further sources told our spies that the bank’s board and senior management have been and and out of emergency meetings to discuss way forward before the already declining bank faces a total collapse.

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