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Thursday, October 20 2016

Bank of Uganda takes over Crane Bank management

Messages about Crane Bank were last week circulating on social media sites like wildfire..This prompted the Central Bank, Bank of Uganda, to come out and issue a statement on October 13, 2016 that all was well.

"It has been brought to our attention that messages have been circulating on Whatsapp instructing depositors to withdraw their money from Crane Bank within the next week. We wish to categorically state that these messages were not issued by Bank of Uganda."

That was a statement from a source at Bank of Uganda. In a twist of events, the bank with over 40 branches and 21 years old in the country has been taken over by the central bank exactly one week later.

"This action has been taken upon a determination by Bank of Uganda that Crane Bank limited is a significantly undercapitalised financial system and that the continuation of Crane Bank's activities in it's current form is detrimental to the interests of it's depositors."

Crane Bank's CEO Sudhir Ruparelia and wife at Munyonyo

Hours before the announcement, there was heavy deployment at the bank's head office in Kampala whose front parking area is normally decorated with Land Cruiser V8 rides in metallic colours..

Meanwhile, the signature on the document communicating the takeover is different from the one the Governor uses while signing on money, something that made many especially the depositors to believe that, may be, it wasn't true but sadly it is.

The two different signatures are authentic as confirmed by Bank of Uganda this afternoon.

The two signatures are aunthentic

Official message announcing the takeover of Crane Bank by Bank of Uganda

Posted by: uowd AT 09:39 pm   |  Permalink   |  Email

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