KAMPALA — The dfcu Bank has confirmed that one of the top directors Michael Turner has left the company with immediate effect after 17 years.
The resignation was confirmed on Friday July 3 in a public notice, and the bank has since embarked on the process of replacing Mr. Turner.
“The Board has commenced the process of nominating another person to be considered for appointment to fill the casual vacancy created by the resignation of Mr. Turner,” dfcu Bank said in a statement Friday.
The bank didn’t give details why Mr. Turner a renowned economist joined dfcu Bank board in April 2003 as an Independent Director representing UK-based CDC Capital Partners resigned.
Mr. Turner was the CDC’s East Africa Director but the UK’s development finance institution in December last year announced its decision to sell its remaining 9.97% stake in dfcu Limited.
The shareholding was sold to IFU, the Danish development finance institution.
The CDC made its first investment in dfcu in 1964 as a founding partner to the bank and has played an integral role in its long-term growth over the last six decades, through a number of equity and debt funding rounds.
The CDC has been reducing its stake in dfcu over the last six years – from 60% to 15% in 2013 and then to just under 10% in 2017 following a rights issue at the bank.