Crane Bank

From Wikipedia, the free encyclopedia
Jump to: navigation, search
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 was a commercial bank in Uganda and was licensed and supervised by the Bank of Uganda (BOU), the central bank and national banking regulator.[3]

Overview[edit]

The bank was 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]

Ownership[edit]

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.[7][8]

The bank was previously a member of the Ruparelia Group.[9]

In September 2013, Ugandan print media reported that the bank's stock would be listed on the Uganda Securities Exchange in 2014.[10] 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.[11]

In September 2016, Ugandan print media indicated that the bank was actively searching for a strategic partner to acquire shares in the bank.[12] 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.[13] 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.[14]

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.[15] Edward Katimbo Mugwanya was appointed statutory manager and reported directly to the governor of BOU.[16]

In January 2017, DFCU acquired Crane Bank. DFCU Bank had offered to recapitalise Crane Bank with US$21.6 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.[17]

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:[18]

  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[19]
  4. Busia Branch - Busia
  5. Entebbe Airport Branch - Entebbe International Airport[20]
  6. Entebbe Branch - Entebbe Town
  7. Gulu Branch - 23 Gulu Avenue, Gulu
  8. Hoima Branch - 40 Main Street, Hoima[21][22]
  9. Ibanda Branch - 44 & 46, Kamwengye Road, Ibanda[23]
  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[24]
  19. Kisekka Market Branch - Shops 1-4 & 29-31, Kisekka Market, Kyaggwe Road, Kampala
  20. Kisementi Branch - Kisementi Mall, Kololo, Kampala[25]*
  21. Kisoro Branch - 65-75 Kisoro-Kabale Road, Kisoro
  22. Kyambogo Branch - Kampala-Jinja Highway, Kyambogo, Kampala[26]
  23. Kyambogo University Branch - Main Campus, Kyambogo University, Kampala
  24. Kyengera Branch - Kampala-Masaka Highway, Kyengera[27]
  25. Lira Branch - Lira Avenue, Lira
  26. Luwum Street Branch - 28 Eagle Plaza, Luwum Street, Nakasero, Kampala[28]
  27. Luweero Branch - Plot 846, Block 652, Bulemeezi County, Luweero[29]
  28. Lyantonde Branch - Plot 5, Block 76, Lyantonde
  29. Makerere University Branch - Senate Building, Makerere University Main Campus, Makerere[30]
  30. Malaba Branch - 2-4 Tanga Road, Malaba
  31. Market Street Branch - 9 Market Street, Kampala
  32. Masaka Branch - 2 Broadway Road, Masaka[31]
  33. Mbale Branch - 47 Republic Street, Mbale
  34. Mbarara Branch - 51 High Street, Mbarara
  35. Mukono Branch - 18-20A Kampala-Jinja Highway, Mukono[32]
  36. Naalya Branch - Metroplex Shopping Mall, Kampala Northern Bypass Highway, Naalya[33]
  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[25]*

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. ^ "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". www.newvision.co.ug. 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 AllAfrica.com. 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. ^ "Branches of Crane Bank As of December 2014". Crane Bank. Retrieved 10 December 2014. 
  19. ^ Mugalu, Moses (15 December 2013). "Uganda: Crane Bank Opens Bugolobi Branch". The Observer (Uganda) via AllAfrica.com. Retrieved 5 August 2015. 
  20. ^ Olanyo, Joseph (21 May 2013). "Uganda: Crane Bank Opens 28th Branch". The Observer (Uganda) via AllAfrica.com. Retrieved 5 August 2015. 
  21. ^ Mugerwa, Francis (22 September 2012). "Crane Bank expansion on course". Daily Monitor. Retrieved 5 August 2015. 
  22. ^ Nantaba, Eriosi (15 October 2012). "Uganda: Crane Bank Opens Branch in Hoima". East African Business Week. Kampala. Retrieved 5 August 2015. 
  23. ^ Musa Ladu, Ismail (16 January 2014). "Crane Bank to list on Uganda Securities Exchange in April". Daily Monitor. Retrieved 5 August 2015. 
  24. ^ 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. 
  25. ^ a b Otage, Stephen (2 October 2015). "Crane Bank starts 24-hour banking". Daily Monitor. Kampala. Retrieved 14 October 2015. 
  26. ^ Nantaba, Eriosi (24 October 2011). "Crane Bank Relaunches Branch to Surpass Competition". East African Business Week via AllAfrica.com. Retrieved 5 August 2015. 
  27. ^ 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. 
  28. ^ Businge, Julius (4 September 2013). "Uganda: Crane Bank Strengthens Base in City Centre". The Independent (Uganda) via AllAfrica.com. Retrieved 5 August 2015. 
  29. ^ Mugalu, Moses (7 December 2014). "Uganda: Crane Bank Opens 44th Branch". The Observer (Uganda) via AllAfrica.com. Retrieved 5 August 2015. 
  30. ^ 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. 
  31. ^ Aliga, Issa (23 August 2012). "Banks urged on agriculture financing". Daily Monitor. Retrieved 5 August 2015. 
  32. ^ Sanya, Samuel (10 February 2012). "Crane bank in sh3.5bn expansion drive". New Vision. Retrieved 5 August 2015. 
  33. ^ Jaramogi, Patrick (24 July 2012). "Crane opens Naalya branch as competition in banks shoots up". New Vision. Retrieved 5 August 2015.