Bank of Uganda takes control of large commercial bank

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The Bank of Uganda has taken over the management of Crane Bank after it was found to be "significantly" undercapitalised, according to an order issued by governor Emmanuel Tumusiime-Mutebile on October 20.

Crane Bank held 1.3 trillion Ugandan shillings ($376 million) in customer deposits at the end of last year.

In the directive issued by Tumusiime-Mutebile, the central bank – under sections 87(3), 88(1)(a) and (b) of the Financial Institutions Act 2004 – said it had determined Crane Bank posed

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