Crane Bank Rwanda is ‘Stable and Strong’ – Central Bank

In the wake of the unprecedented takeover of Crane Bank Uganda Limited by Bank of Uganda, this the former’s Rwandan Subsidiary has been confirmed to be “stable” and unaffected by the developments in Kampala.

The Rwandan Central Bank (National Bank of Rwanda) has come out to clarify that Crane Bank Rwanda will not be affected by the takeover and that it will continue operating normally.

Bank of Uganda, yesterday, announced it had taken over the management of Crane Bank and suspended its board of directors and managers upon discovery that the bank was not capitalized as per law.

Uganda’s largest indigenous bank, Crane Bank opened up the Rwandan Subsidiary in June 2014.

The Rwandan Central Bank Governor John Rwangombwa revealed in a statement that they received communication yesterday from Bank of Uganda about the takeover of Crane Bank Ltd, but emphasized that the Rwanda Subsidiary in independent and in an unwavering condition.

“The National Bank of Rwanda would like to confirm that the Financial Position of the Institution is sound and strong,” he said, adding that Crane Bank Rwanda will “continue its business as usual.

The Governor however, added that the central bank under supervisory powers had taken precaution to closely follow the branch’s activities “to prevent any adverse spill over and safe guard customer’s deposits.”

Nonetheless, he urged the bank’s clientele and staff to continue normal banking business and “avoid being destructed by any negative rumors.”

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