Type Private | Founded 1995 | |
 | ||
Products Loans, savings, checking, investments, debit cards, credit cards, mortgages Revenue After tax: UGX:12.52 billion (2015) Total assets UGX:1.81 trillion (2015) | ||
Crane bank 20
Crane Bank is a commercial bank in Uganda and is licensed and supervised by the Bank of Uganda, the central bank and national banking regulator.
Contents
- Crane bank 20
- Crane bank 20 part 1
- Overview
- History
- Ownership
- Seizure by Bank of Uganda
- Branch network
- References
Crane bank 20 part 1
Overview
The bank is a large financial services provider in Uganda. As of 31 December 2015, Crane Bank's assets were UGX:1.81 trillion, with shareholders' equity of UGX:281.43 billion. In October 2015, it had more than 750,000 customers.
History
Crane Bank started operations on 21 August 1995 "with a vision of being the largest privately owned Ugandan Bank."
In September 2012, Crane Bank acquired the assets and some of the liabilities of the National Bank of Commerce, a small, indigenous, financial services provider in Uganda that had lost its banking license.
On 30 January 2014, Crane Bank established Crane Bank Rwanda Limited, a wholly owned subsidiary, with the first branch in Rwanda opening to customers on 30 June 2014.
Plans were announced in 2013 to expand to the Democratic Republic of the Congo and South Sudan.
Ownership
On 27 January 2017, DFCU took over the bank, which had been under the statutory management of the Bank Of Uganda because the bank's liabilities exceeded its assets. The acquisition included all customer deposit accounts and loan accounts.
The bank was previously a member of the Ruparelia Group, which includes financial institutions, insurance companies, real estate investments, horticultural enterprises, hotels, and resorts.
In September 2013, Ugandan print media reported that the bank's stock would be listed on the Uganda Securities Exchange in 2014. Those plans, however, were put on hold, with the bank explaining at the end of 2014 that it was focusing on its expansion plans first.
In September 2016, Ugandan print media indicated that the bank was actively searching for a strategic partner to acquire shares in the bank. In October 2016, the potential strategic partner was identified as Bob Diamond of the Atlas Mara Limited. Negotiations were still ongoing, as of 11 October 2016.
Seizure by Bank of Uganda
On 20 October 2016, the Bank of Uganda (BOU) took over the management of Crane Bank, suspending its board and acting CEO. This seizure was related to the bank's under-capitalization.
Edward Katimbo Mugwanya was appointed statutory manager and reports directly to the governor of BOU.
Branch network
As of October 2015, Crane Bank maintained a branch network in all four regions of the country. The branches of the bank included the following locations, arranged alphabetically:
Key*: The Kisementi branch in Kololo and the Village Mall branch in Bugoloobi are open 24 hours a day.