The Central Bank has confirmed that the Development Finance Bank-Uganda commonly known as DFCU has purchased Crane Bank limited. The Governor Emmanuel Mutebile who made the announcement says that after thorough vetting, DFCU emerged winner amongst 13 institutions that bid for Crane Bank which has been under management of the central bank for about 4 months. Crane Bank Limited was until 20th of September 2016 owned by members of the Sudhir Ruparelia Family and White Sapphire Limited. It was taken over by Central Bank and has been under its management and control

Governor Mutebile says that DFCU now takes over all the assets and liabilities of Crane Bank and that all customers and depositors of Crane Bank shall now have their accounts operated by DFCU Bank through its wide Branch network.

“After thorough vetting, DFCU emerged winner amongst 13 institutions that bid for Crane Bank. BoU reassures the public that it will continue to protect depositors’ interests and maintain the stability of the financial sector,” Mr Mutebile said.

The Governor declined to reveal other details involved in the transaction including the amount paid by the DFCU Bank insisting that there were other issues pending and that such details would be revealed later.