Crane Bank


Crane Bank was a commercial bank in Uganda and was licensed and supervised by the Bank of Uganda BOU, the central bank and national banking regulator

Contents

  • 1 Overview
  • 2 History
  • 3 Ownership
  • 4 Controversy
  • 5 See also
  • 6 References
  • 7 External links

Overview

The bank was a large financial services provider in Uganda As of 31 December 2015, Crane Bank's assets were UGX:181 trillion, with shareholders' equity of UGX:28143 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

Ownership

On 27 January 2017, DFCU took over the bank, which had been under the statutory management of the BOU 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

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 On 20 October 2016, the BOU took over the management of Crane Bank and started a sale process The thirteen bidders included DFCU, Barclays Bank of Uganda, First National Bank of South Africa, Aethel Partners Limited of the United Kingdom, and General Equity, a New Zealand-based fund

On 20 October 2016, the 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 reported directly to the governor of BOU

In January 2017, DFCU acquired Crane Bank DFCU Bank had offered to recapitalise Crane Bank with US$216 million after take-over and Aethel Partners Limited offered UGX:1 for the bank's assets and liabilities and also committed to invest US$215 million in Crane Bank to clean the balance sheet Whereas DFCU Bank offered to clear all of Crane Bank's verified debts, Aethel Partners insisted it would clear only part of the failed lender's debts because of the severe corporate governance and financial risks tied to the bank These factors boosted DFCU's bid

Controversy

The "Report on the preliminary forensic review at Crane Bank" December 2016, which was authored by PricewaterhouseCoopers and commissioned by the Bank of Uganda, recommended the prosecution of Crane Bank's board of directors, investors, and senior management for allegedly flaunting Uganda's banking laws and allegedly committing various financial crimes

See also

  • List of banks in Uganda
  • Banking in Uganda
  • Economy of Uganda

References

  1. ^ a b c d e Crane Bank 29 April 2016 "Crane Bank Annual Report 2015" PDF Kampala: Crane Bank Limited Retrieved 24 August 2016 
  2. ^ Vision Reporter 20 August 2015 "Crane Bank at 20" New Vision Kampala Retrieved 22 April 2016 
  3. ^ Bank of Uganda 31 March 2016 "Bank of Uganda: List of Licensed Commercial Banks As At March 2016" PDF Kampala: Bank of Uganda Retrieved 24 August 2016 
  4. ^ Waiswa, Baz 15 October 2015 "Crane Bank: We Have Grown With Our Customers In Last Twenty Years" Kampala: Newsugocoug Retrieved 27 April 2016 
  5. ^ Businge, Julius 27 September 2012 "BoU revokes National Bank of Commerce license" The Independent Uganda Archived from the original on 27 January 2016 Retrieved 5 August 2015 
  6. ^ "Banking: How Crane Bank Beat Rivals in 2014", The Investigator, reported by Robert Ndawula, 18 January 2015, accessed 5 August 2015
  7. ^ "UPDATE 1-Uganda's Crane Bank assets, liabilities transferred to dfcu - central bank" Reuters 27 January 2017 Retrieved 27 January 2017 
  8. ^ "Dfcu takes over Crane bank" wwwnewvisioncoug Retrieved 27 January 2017 
  9. ^ "Ruparelia Group Holdings" Ruparelia Group Retrieved 26 April 2014 
  10. ^ Olanyo, Joseph 17 September 2013 "Crane Bank to sell shares" The Observer Uganda Retrieved 5 August 2015 
  11. ^ Oketch, Martin Luther 17 February 2015 "They promised to sell shares, what happened" Daily Monitor Kampala Retrieved 5 August 2015 
  12. ^ Stephen Otage, and Martin Luther Oketch 20 September 2016 "Sudhir speaks out on Crane Bank sale" Daily Monitor Kampala Retrieved 20 September 2016 
  13. ^ Busuulwa, Bernard 11 October 2016 "Ex-Barclays CEO in talks to acquire Uganda Crane Bank" The EastAfrican Nairobi Retrieved 11 October 2016 
  14. ^ Muhumuza, Jonathan Adengo and Mark Keith 20 December 2016 "Uganda: Six Banks Bid to Buy Crane Bank" Daily Monitor via AllAfricacom Retrieved 15 March 2017 
  15. ^ Busulwa, Bernsard 20 October 2016 "Uganda's central bank takes control of Crane Bank" The EastAfrican Kampala; Nairobi Retrieved 20 October 2016 
  16. ^ Mark Keith Muhumuza 20 October 2016 "Bank of Uganda takes over Crane Bank" Daily Monitor Kampala 
  17. ^ Busuulwa, Bernard 6 February 2017 "How DFCU beat other bidders in the race to acquire Uganda's Crane Bank" The East African Nairobi Retrieved 13 May 2017 
  18. ^ Eriasa Mukiibi Sserunjogi 31 July 2017 "12 more face charges over Crane Bank mess" Daily Monitor Kampala Retrieved 31 July 2017 

External links

  • New details emerge on BoU, Sudhir broken deal


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