dfcu Bank to fire over 500 Crane Bank employees

Financial intuition dfcu which took over defunct Crane Bank has finalized plans to lay off over 500 employees from former Crane Bank. The move will upset lives of more than 5000 dependants.

Information reaching our desk has it that dfCU has gone against the deal it had with Central Bank not to lay off any former employee of Crane Bank Limited ahead of the bank’s acquisition.

dfcu had agreed to keep all the 625 employees of Crane Bank as they took up one of the largest bank infrastructures in Uganda.

Sources say only 98 former Crane Bank employees out of the 625, will keep their jobs so far.

During the transition, the Governor Bank of Uganda, Prof. Emmanuel Mutebile had assured all Crane Bank staff that none would lose their jobs.

Unfortunately, the assurance has not been honored a few months into the takeover.

Bank of Uganda sold off Crane Bank to dfcu early last month, months after it had taken over the defunct Bank due to under capitalization.