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CDC agrees to sell remaining stake in DFCU to Denmark-based IFU

U.K.-based CDC Group PLC agreed to sell its 9.97% stake in Ugandan bank DFCU Ltd. to Denmark-based venture capital and private equity firm IFU.

The British development finance institution first invested in DFCU in 1964 as a founding partner and has reduced its stake over the last six years from 60% to 15% in 2013, and to slightly lower than 10% in 2017 after a rights issue at the bank.

Meanwhile, IFU CEO Torben Huss said the acquisition is a "strategic step" to increase the firm's engagement in Uganda's private sector, among other things.