More Details Why BoU Took Over Crane Bank Emerge

More Details Why BoU Took Over Crane Bank Emerge

More details on why Bank of Uganda took over Crane bank have emerged, Red Pepper online reports.

Yesterday, BoU while exercising its powers under Section 87(3), 88(1)(a) & (b) of the Financial Institutions Act 2004, with effective Thursday October 20, 2016, took over the management of Crane Bank Limited.

The takeover has sparked outrage on several media platforms and many questions have been left unanswered.

This website understands that Crane Bank has been the third largest privately owned Ugandan bank and has been supporting many smaller banks through the inter-banking system. This gives room for one to ask whether BoU took over the bank maliciously!!

It has also been revealed that BoU might have taken over Crane bank due to the current political situation within in the banking sector and the country at large.

Analysts have revealed that Bank Of Uganda might have its private interests in taking over Crane Bank and It’s the insiders within bank Of Uganda that were behind the whole saga since Crane Bank took over NBC.

This website also understands that the recent speculative message that was spread on social media telling people to withdraw their money with immediate effect could have also triggered BoU to take over the bank.

The message read that whoever has money in Crabe Bank should hurry and withdraw it immediately such that they should not loose their hard earned money.

Since Crane Bank  has been the leading business support bank to majority of Ugandan business entities, it’s closure is likely to affect and eventually lead to collapse of other smaller banks in the country.