Crane Bank

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Crane Bank
Private
Industry Financial services
Founded 1995
Headquarters 38 Kampala Road, Kampala, Uganda
Key people
Joseph Biribonwa
chairman
P. K. Gupta
acting chief executive officer
Products Loans, savings, checking, investments, debit cards, credit cards, mortgages
Revenue DecreaseAfter tax: UGX:12.52 billion (2015)[1]
Total assets UGX:1.81 trillion (2015)[1]
Website Homepage

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.[3]

Overview[edit]

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.[1] In October 2015, it had more than 750,000 customers.[4]

History[edit]

Crane Bank started operations on 21 August 1995 "with a vision of being the largest privately owned Ugandan Bank."[1]

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.[5]

On 30 January 2014, Crane Bank established Crane Bank Rwanda Limited, a wholly owned subsidiary,[1] with the first branch in Rwanda opening to customers on 30 June 2014.[6]

Plans were announced in 2013 to expand to the Democratic Republic of the Congo and South Sudan.[7]

Ownership[edit]

The bank is a member of the Ruparelia Group, which includes financial institutions, insurance companies, real estate investments, horticultural enterprises, hotels, and resorts.[8] As of November 2016, the shareholding in the bank's stock was as depicted below:[9][10]

Crane Bank Stock Ownership
Rank Name of Owner Percentage Ownership
1 Sudhir Ruparelia
28.83
2 Jyotsna Ruparelia
13.80
3 Sheena Ruparelia
1.99
4 Meera Ruparelia
1.99
5 Rajiv Ruparelia
1.99
6 Rasik Kantaria dba White Sapphire Limited[11]
47.33
7 Jitendra Sanghani
4.00
8 Tom Mugenga
0.01
9 Others
0.06
Total
100.00

In September 2013, Ugandan print media reported that the bank's stock would be listed on the Uganda Securities Exchange in 2014.[12] 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.[13]

In September 2016, Ugandan print media indicated that the bank was actively searching for a strategic partner to acquire shares in the bank.[14] 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.[15]

Seizure by Bank of Uganda[edit]

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.[16]

Edward Katimbo Mugwanya was appointed statutory manager and reports directly to the governor of BOU.[17] The bank remains open.[18]

Branch network[edit]

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:[19]

  1. Abayita Ababiri Branch - Plot 688-893, Block 438, Entebbe Road, Abayita Ababiri
  2. Arua Branch - 1 Adumi Road, Arua
  3. Bugoloobi Branch - 71 Spring Road, Opposite Bugoloobi Market, Bugoloobi[20]
  4. Busia Branch - Busia
  5. Entebbe Airport Branch - Entebbe International Airport[21]
  6. Entebbe Branch - Entebbe Town
  7. Gulu Branch - 23 Gulu Avenue, Gulu
  8. Hoima Branch - 40 Main Street, Hoima[22][23]
  9. Ibanda Branch - 44 & 46, Kamwengye Road, Ibanda[24]
  10. Iganga Branch - 80 & 82 Main Street, Iganga
  11. Islamic University Branch - IUIU Main Campus, Mbale
  12. Jinja Branch - 40 Lubas Road, Jinja
  13. Jinja Road Branch - 1-13 Iconic Towers, Jinja Road, Kampala
  14. Kabalagala Branch - Ggaba Road, Kabalagala, Kampala
  15. Kabale Branch - 143-145 Kabale Road, Kabale
  16. Kampala Road Branch - Crane Chambers, 38 Kampala Road, Kampala Main Branch
  17. Kikuubo Branch - 18 Nakivubo Road, Kampala
  18. Kireka Branch - 106 Kampala–Jinja Highway, Kireka, Kira Municipality[25]
  19. Kisekka Market Branch - Shops 1-4 & 29-31, Kisekka Market, Kyaggwe Road, Kampala
  20. Kisementi Branch - Kisementi Mall, Kololo, Kampala[26]*
  21. Kisoro Branch - 65-75 Kisoro-Kabale Road, Kisoro
  22. Kyambogo Branch - Kampala-Jinja Highway, Kyambogo, Kampala[27]
  23. Kyambogo University Branch - Main Campus, Kyambogo University, Kampala
  24. Kyengera Branch - Kampala-Masaka Highway, Kyengera[28]
  25. Lira Branch - Lira Avenue, Lira
  26. Luwum Street Branch - 28 Eagle Plaza, Luwum Street, Nakasero, Kampala[29]
  27. Luweero Branch - Plot 846, Block 652, Bulemeezi County, Luweero[30]
  28. Lyantonde Branch - Plot 5, Block 76, Lyantonde
  29. Makerere University Branch - Senate Building, Makerere University Main Campus, Makerere[31]
  30. Malaba Branch - 2-4 Tanga Road, Malaba
  31. Market Street Branch - 9 Market Street, Kampala
  32. Masaka Branch - 2 Broadway Road, Masaka[32]
  33. Mbale Branch - 47 Republic Street, Mbale
  34. Mbarara Branch - 51 High Street, Mbarara
  35. Mukono Branch - 18-20A Kampala-Jinja Highway, Mukono[33]
  36. Naalya Branch - Metroplex Shopping Mall, Kampala Northern Bypass Highway, Naalya[34]
  37. Najjanankumbi Branch - Freedom City Mall, 1040 Entebbe Road, Najjanankumbi
  38. Nakivubo Road Branch - 40A Nakivubo Road, Kampala
  39. Ndeeba Branch - Plot 93, Block 7, Mengo Kibuga, Ndeeba
  40. Ntungamo Branch - 18 Old Kabale Road, Ntungamo
  41. Royal Plaza Branch - Royal Plaza, 35 Luwum Street, Kampala
  42. Rushere Branch - Plot 52-54, Block 68, Rushere
  43. Sixth Street Branch - 165 Sixth Street, Industrial Area, Kampala
  44. Soroti Branch - 4 Kennedy Square, Soroti
  45. Village Mall Branch - Village Mall Branch, Bugoloobi[26]*

Key*: The Kisementi branch in Kololo and the Village Mall branch in Bugoloobi are open 24 hours a day.

See also[edit]

References[edit]

  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: News.ugo.co.ug. 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. ^ Olanyo, Joseph (21 May 2013). "Uganda: Crane Bank Opens 28th Branch". The Observer (Uganda). Retrieved 5 August 2015. 
  8. ^ "Ruparelia Group Holdings". Ruparelia Group. Retrieved 26 April 2014. 
  9. ^ Emmanuel Ainebyoona, and Mark Keith Muhumuza (2 November 2016). "Uganda: Who Owns Crane Bank?". Daily Monitor via AllAfrica.com. Kampala. Retrieved 2 November 2016. 
  10. ^ Mark Keith Muhumuza (21 September 2016). "BoU disowns Crane Bank sale". Daily Monitor. Kampala. Retrieved 2 November 2016. 
  11. ^ Herbling, David (7 November 2016). "Kenyan Tycoon on the Spot After Uganda Bank Collapse". Daily Nation. Nairobi. Retrieved 7 October 2016. 
  12. ^ Olanyo, Joseph (17 September 2013). "Crane Bank to sell shares". The Observer (Uganda). Retrieved 5 August 2015. 
  13. ^ Oketch, Martin Luther (17 February 2015). "They promised to sell shares, what happened?". Daily Monitor. Kampala. Retrieved 5 August 2015. 
  14. ^ Stephen Otage, and Martin Luther Oketch (20 September 2016). "Sudhir speaks out on Crane Bank sale". Daily Monitor. Kampala. Retrieved 20 September 2016. 
  15. ^ Busuulwa, Bernard (11 October 2016). "Ex-Barclays CEO in talks to acquire Uganda Crane Bank". The EastAfrican. Nairobi. Retrieved 11 October 2016. 
  16. ^ Busulwa, Bernsard (20 October 2016). "Uganda's central bank takes control of Crane Bank". The EastAfrican. Kampala; Nairobi. Retrieved 20 October 2016. 
  17. ^ Mark Keith Muhumuza (20 October 2016). "Bank of Uganda takes over Crane Bank". Daily Monitor. Kampala. 
  18. ^ Mark Keith Muhumuza (20 October 2016). "Bank of Uganda takes over Crane Bank". Daily Monitor. Kampala. Retrieved 20 October 2016. 
  19. ^ "Branches of Crane Bank As of December 2014". Crane Bank. Retrieved 10 December 2014. 
  20. ^ Mugalu, Moses (15 December 2013). "Uganda: Crane Bank Opens Bugolobi Branch". The Observer (Uganda) via AllAfrica.com. Retrieved 5 August 2015. 
  21. ^ Olanyo, Joseph (21 May 2013). "Uganda: Crane Bank Opens 28th Branch". The Observer (Uganda) via AllAfrica.com. Retrieved 5 August 2015. 
  22. ^ Mugerwa, Francis (22 September 2012). "Crane Bank expansion on course". Daily Monitor. Retrieved 5 August 2015. 
  23. ^ Nantaba, Eriosi (15 October 2012). "Uganda: Crane Bank Opens Branch in Hoima". East African Business Week. Kampala. Retrieved 5 August 2015. 
  24. ^ Musa Ladu, Ismail (16 January 2014). "Crane Bank to list on Uganda Securities Exchange in April". Daily Monitor. Retrieved 5 August 2015. 
  25. ^ The Independent, Reporters (1 September 2009). "Crane Bank opens branch In Kireka". The Independent (Uganda). Archived from the original on 27 January 2016. Retrieved 5 August 2015. 
  26. ^ a b Otage, Stephen (2 October 2015). "Crane Bank starts 24-hour banking". Daily Monitor. Kampala. Retrieved 14 October 2015. 
  27. ^ Nantaba, Eriosi (24 October 2011). "Crane Bank Relaunches Branch to Surpass Competition". East African Business Week via AllAfrica.com. Retrieved 5 August 2015. 
  28. ^ Ladu, Ismail Musa (14 November 2014). "Shs200billion Crane bank expansion drive takes shape with the opening of the 42nd branch along Masaka road". Daily Monitor (Kampala). Retrieved 5 August 2015. 
  29. ^ Businge, Julius (4 September 2013). "Uganda: Crane Bank Strengthens Base in City Centre". The Independent (Uganda) via AllAfrica.com. Retrieved 5 August 2015. 
  30. ^ Mugalu, Moses (7 December 2014). "Uganda: Crane Bank Opens 44th Branch". The Observer (Uganda) via AllAfrica.com. Retrieved 5 August 2015. 
  31. ^ Lyaazi, Moses (12 September 2012). "Crane Bank Opens New Branch In Makerere University". Makerere University School of Journalism. Archived from the original on 2 May 2014. Retrieved 1 May 2014. 
  32. ^ Aliga, Issa (23 August 2012). "Banks urged on agriculture financing". Daily Monitor. Retrieved 5 August 2015. 
  33. ^ Sanya, Samuel (10 February 2012). "Crane bank in sh3.5bn expansion drive". New Vision. Retrieved 5 August 2015. 
  34. ^ Jaramogi, Patrick (24 July 2012). "Crane opens Naalya branch as competition in banks shoots up". New Vision. Retrieved 5 August 2015. 

External links[edit]