Dfcu Bank loses another high-ranking officer

Michael Turner

Michael Turner, a high-ranking director at dfcu Bank, resigned after seventeen years of service joining a list of other top officials that have left the financial institution.

The bank confirmed his resignation on Friday in a public notice.

“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.

Tuner had joined the bank in April 2003, representing UK-based CDC Capital Partners as a director for East Africa.

CDC 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.

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