Crane Bank Clarifies on Sale Reports

Crane Bank has over 45 Branches across  Uganda

One of Uganda’s Leading Financial Institutions, clinic Crane Bank Limited has come out to clarify on recent media reports that it has been put out on sale.

Crane Bank management under the Ruparelia Group cleared the air yesterday that the institution is not being sold but only opening its frontiers and diversifying, though an Initial Public Offer (IPO).

The bank’s ownership and board of directors reportedly made the decision five years ago, but this found its way to the public “prematurely.”

Header advertisement

The Bank’s board chairman Joseph Biribonwa said in a statement, that in 2014, the shareholders and board decided to get a strategic equity investor with a regional or even better continental network.

“This strategy is in sync with the inevitable trend of mergers and acquisitions, not just as an important forum of growth for the purposed of the EAC integration but as a strategic move at a global level,” said the chairman.

This equity investor according to Biribonwa, is hoped to strengthen the bank’s balance sheets and take it to the next level with enhanced products and services.

He went on to assure the bank’s customers and the public that the business operations and services of the bank will continue as normal.

Crane Bank which has been in business for the last two decades and Tycoon Sudhir Rupaleria’s family has a 48 percent stake, remains one the leading indigenous banks in the country with now 46 branches around the country and over 100 ATMs.

The bank recently opened a branch in the neighboring Rwanda. Despite being one of the most profitable financial institutions in Uganda, Crane Bank last year recorded a Shs 3.1bn loss. The bank boasts Shs 1.8tn in assets.


Header advertisement
To Top