CDC Group sells off its stake in DFCU bank

CDC Group, the UK’s advancement fund establishment, has reported its choice to sell its staying 9.97% stake in DFCU Limited. The shareholding is being offered to IFU, the Danish advancement fund organization.

CDC made its first interest in DFCU in 1964 as an establishing accomplice to the bank. It has assumed an essential job in its long haul development in the course of the most recent six decades. However, through various value and obligation financing adjusts.

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In that period DFCU has developed to turn into a significant player in the Ugandan financial segment. A hero of SMEs and a submitted supporter of budgetary consideration and female enterprise through a Women in Business program made by CDC group.

CDC group
DFCU Bank Chief Executive Officer Mathias Katamba shakes hands with Danish Embassy representative 

CDC group has been decreasing its stake in DFCU throughout the most recent six years. In addition from 60% to 15% in 2013. Also, afterward to just shy of 10% in 2017 after a rights issue at the bank.

CDC’s Chief Executive, Nick O’Donohoe stated: “Our organization with DFCU has consummately shown our accreditations as a supplier of patient capital. What’s more, I am charmed that in IFU, we are passing the implement to a similarly invested financial specialist that, close by Arise, the biggest existing investor in DFCU, will be as similarly dedicated to DFCU’s long haul dependability and achievement.”

“Uganda is a fantastically significant nation for the CDC group. We anticipate the chance to reinvest the returns from the clearance of our DFCU stake into different organizations here.”

IFU’s Chief Executive Officer, Torben Huss stated: “IFU is satisfied to turn into an investor in DFCU as we share the desire to extend access to budgetary administrations, which will prompt profitable speculations, the formation of not too bad employments and improve individuals’ welfare. In addition, we consider this to be as a vital advance to build our commitment in the private division in Uganda and further advance the Sustainable Development Goals.

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Elly Karuhanga, the Board Chairman of DFCU Limited stated: “DFCU has made a critical commitment to the monetary advancement. Also, change of Uganda, in the course of the most recent 55 years in light of among other solid investors. With IFU as one of the investors, we are sure that DFCU is well on track to accomplishing its vision of being the favored money related organization in Uganda. We accept this open door to express our profound gratefulness to the CDC group. Meanwhile, these have strolled this voyage with us since 1964. Their dedication and backing in the course of the last 55

a long time has empowered us to gain genuine unmistakable ground towards the accomplishment of our vision. We anticipate proceeded with a joint effort with CDC in different regions later on.”

As far back as its first interest in Uganda in 1949, CDC has been a dedicated supporter of the nation’s private area. In addition and will remain so after its exit from DFCU.

CDC group is effectively searching for new speculation openings in the nation. For instance to expand upon its US$120 million arrangement of 35 organizations. Those businesses sponsored by CDC’s capital – which incorporate Bujagali Hydropower – importantly affect the nation’s economy. Hence supporting very nearly 3000 direct occupations and paying US$7.4 million in duties to the Ugandan exchequer a year ago.

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