I&M Bank Uganda is set to open new branches in Ntinda and Kireka, bringing former Crane Bank premises back into use as banking facilities.
The branches will occupy premises that were at the centre of a long-running property dispute between Meera Investments Limited, owned by businessman Sudhir Ruparelia, and dfcu Bank following the collapse of Crane Bank.
The Ntinda and Kireka buildings were among 48 properties previously occupied by Crane Bank branches whose leasehold interests were transferred to dfcu after Bank of Uganda placed Crane Bank under receivership in 2016.
Crane Bank’s assets and liabilities were subsequently transferred to dfcu in 2017, with the transaction including leasehold interests in the 48 properties.
Meera Investments, which owned the properties, challenged the transfer in court, arguing that the leases could not be transferred to dfcu without its consent as the registered landlord.
The dispute ended up in the High Court’s Land Division, which in October 2023 ruled in favour of Meera Investments.
The court found that the transfer of the leasehold interests to dfcu had been made without the written consent required under the relevant lease agreements and ordered the cancellation of dfcu’s leasehold titles.
It also ordered dfcu to hand over vacant possession of the properties and declared the bank a trespasser. Meera Investments was awarded Shs2.4 billion in general damages, in addition to costs.
dfcu later said it had already vacated the disputed properties in 2020 and that the court ruling therefore did not affect its banking operations. The bank maintained that it had acquired the properties through its Purchase of Assets and Assumption Agreement with Bank of Uganda.
In February 2024, the High Court directed dfcu to formally hand over the 48 properties, although the bank reiterated that it had already vacated them.
The Ntinda and Kireka properties are now set for a new chapter, with I&M Bank Uganda preparing to establish branches there.
The move also adds an interesting link between I&M Bank and the Ruparelia business interests. The bank’s headquarters are located at Kingdom Kampala, a major commercial development owned by the Ruparelia Group, while the new Ntinda and Kireka branches will occupy properties under Meera Investments.
The expansion comes as I&M Bank continues to grow its physical presence in Uganda. The bank already operates an Ntinda Service Centre at Capital Shoppers Mall, as well as branches and service centres in areas including Acacia, Kabalagala, Kololo and Kawempe.
