News Column

DFCU Takes Over Global Trust Bank Operations

July 27, 2014

Julius Businge

Bank of Uganda has revoked the license of Global Trust Bank (U) limited as a financial institution and ordered the winding up of its affairs, according to a notice released on July 25 signed by Governor Emmanuel Tumusiime Mutebile.

The notice reads in part ... the regulator acted under the powers as provided for in the Financial Institutions Act, 2004 section 17 (f), 89 (2), 89 (2) (f).

The Bank did not give details. But it said, in exercise of its powers as a liquidator, it had concluded a purchase and assumption agreement with DFCU bank limited.

It added that, the depositors will be able to access their deposits and operate their accounts from any Branch of DFCU and the former GTB branches at Owino, Bwaise, Pallisa, Phaida, Nateete and Kikuubo with effect from the first working day of next week.

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Source: AllAfrica

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