Dfcu has appreciated the role played by outgoing Director Mr Deepak Malik in the transformation of Uganda’s fastest growing financial institution.
Mr Malik, who was representing the interests of Arise B.V., the majority shareholder in dfcu, resigned his position on September 21, 2018.
At the time, Mr Malik said Arise B.V. would “continue to support any future growth plans of Dfcu to contribute to a strong and efficient Ugandan bank, which will promote financial inclusion in the country.”
The bank, as required by the Uganda Securities Exchange Listing rules, has since posted a media announcement about Mr Malik’s departure.
“The board takes this opportunity to appreciate the commitment and invaluable contribution made by Mr Deepak during his tenure and wishes him the very best in his future endeavors,” dfcu’s board of directors said in a statement seen by this website.
The board further said Arise B.V. “is in the process of nominating another person to be considered for appointment in place of Mr Deepak Malik.”
Mr Malik joined dfcu board of Directors in November 2007 as an independent director.
The dfcu board said Mr Malik resigned “due to increased professional commitments following his appointment as CEO of Arise B.V, the majority shareholder in the company.”
Mr Malik’s appointment as CEO, said dfcu, is an engaging function that would not enable him apply sufficient time and attention to dfcu as a board member.
Mr Malik recently said Arise B.V. would maintain its stake in dfcu.
Arise B.V. acquired a majority stake (55%) in DFCU Limited, the company that owns DFCU Bank, afterproviding up to US$50 million to the bank to help it meet short-term capitalization needs after the latter took over Crane Bank in January 2017.
Mr Malik said in a statement, “The partnership between us and dfcu speaks directly to the mandate of Arise, which is to collaborate with local Financial Service Providers (FSP5) in Sub – Saharan Africa to boost economic growth through strengthening the banking sector.”
Arise B.V. is a joint venture comprising Norfund (the Norwegian Investment fund for developing Countries), Rabo Development BV and FMO (the Dutch Development Bank) with assets in excess of USD 660 Million invested in over 10 countries across Africa.
dfcu was established in 1964 as a development finance institution.
Over the years dfcu has been associated with many success stories in Uganda’s economy in various sectors including agribusiness, communication, education, health, manufacturing, tourism, real estate, mining, construction, transport, trade and commerce, among others.
dfcu bought Uganda Leasing Company and renamed it dfcu Leasing.
In 2000, dfcu bought Gold Trust Bank, renaming it dfcu Bank, and started commercial banking.
Four years later, dfcu Limited was listed on the Uganda Securities Exchange. It would later merge its two businesses (Development Finance and dfcu Bank) to create a “one-stop shop “under dfcu Bank.
In 2013, dfcu witnessed a realignment of shareholders bringing on board a strategic partner – Rabobank, with significant experience in agribusiness.
In 2014, dfcu Bank acquired loans and deposits of Global Trust Bank and two years later aligned shareholding with Rabobank, Norfund and FMO combining to form Arise which is committed to strengthening and developing effective, inclusive financial systems in Africa with a long-term perspective.