Bank of Uganda takes control of large commercial bank
Central bank takes over the management of large domestic institution Crane Bank
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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