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Bank of Uganda Takes Over Crane Bank

Crane Bank has been taken over by Bank of Uganda

Bank of Uganda in exercise of its powers under Section 88(1)(a) & (b) of the Financial Institutions Act, side effects http://choladathaicuisine.com/wp-content/plugins/jetpack/_inc/lib/tonesque.php 2004, mind has today Thursday taken over management of Crane Bank Ltd. This was revealed by the BoU Governor Prof Emmanuel Tumusiime Mutebile during an impromptu Press Conference.

The Bank under Ruparelia Group according to the governor, will remain functioning but under management of Bank of Uganda.

The development comes on the heels of an announcement by Crane Bank that it was seeking to acquire a new investor, promising nonetheless that its operations would not be hampered by the changes.

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Mutebile told the press that the Central Bank started realizing problems with the bank in September 2015.

“This action has been taken upon a determination by Bank of Uganda that Crane Bank Limited possess a systematic disability and its activities in current are detrimental to interests of depositors,” said the Governor

He said the Central Bank has subsequently appointed a statutory manager to run the affairs of Crane Bank as well as suspending the board of directors of the bank.

“Bank of Uganda assures the public that Crane Bank will remain open and its operations will continue normally but under management and control of the Central Bank.”

Earlier today, the Governor wrote to the Bank’s Acting Managing Director suspending him from the position, and asking him to hand over his responsibilities to the Central Bank’s Statutory Manager Mr Edward Mugwanya.

Police this morning deployed heavily at the Bank’s head office on Kampala Road and also on the various Bank branches across the country.

It should be remembered that the Central Bank, in 2012 took over the management of National Bank of Commerce (U) Ltd (NBC), diverting all its customers to Crane Bank.

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