Crane Bank Names Acting MD

Crane Bank has appointed an acting Managing Director to take charge of the financial institution’s operations, mind saying its Managing Director, A Kalan, is on a sick leave.

“Mr Kalan is on leave with the approval of the Board of Directors,” said J. N. Biribonwa, Chairman, Board of Directors.

“On granting an extended leave the Board appointed one of its Executive Directors Mr. P. K. Gupta, a seasoned Banker, as the acting Managing Director.”

Sources said Kalan’s wife has for a long time been struggling with a serious brain tumour and that he is with her in hospital in United States.

Earlier, reports indicated that Kalan, who boasts over 20 years experience in international banking, corporate credit and human resource management, left Crane Bank in June but his exit remained a tightly-guarded secret.

On its website, the bank describes Kalan as “a seasoned and dynamic banker with a penchant for cultivating enduring customer relationships.”

Chimpreports yesterday reported that Kalan’s deputy, Ajay Kumar and head of Audit department also threw in the towel over unknown reasons. Biribonwa’s statement is silent on the duo’s exit.

Crane Bank also described as “baseless and unfounded” reports that Kalan was being investigated for loss of millions of shillings at the third largest financial institution in Uganda.


“Our attention has been drawn to rumours surrounding the absence of its Managing Director Mr. A. R. Kalan from office. The rumours with a variety of flavours ranging from loss of USD 18 million , others Shs. 60 billion etc are baseless and unfounded. They should be ignored,” said Birribonwa.

“The Board is pleased to announce that in compliance with the requisite regulations governing Financial Institutions, Mr. P.K. Gupta is the Acting Managing Director until further notice. We appreciate the ever growing support of the Bank`s clientele all over the country as the spread of the branch network continues.”

The bank is owned by Forbes-listed billionaire Sudhir Ruparelia, a prominent businessman and chairman of Ruparelia Group of companies.

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