Bank of Uganda has maliciously taken over the management of Crane Bank.
Crane bank is the 3rd Largest privately owned Ugandan Bank that has supported many small banks to fully function through the inter banking system which allows financing to other banks.
The Bank is the leading Business support bank to majority of business entities and therefore its closure or takeover might affect and eventually lead to the collapse of many small banks and other businesses in the country.
It is believed that the takeover of the only Ugandan owned bank is as a result of the politics that has emerged within the banking sector. A source has also revealed that Bank of Uganda has always had the intentions of taking over Crane Bank and that it is the insiders within Bank of Uganda who are behind this whole saga through corruption tendencies.
With 46 branches and 21 years of banking experience, one wonders if Crane Bank is not fit to operate as said by the central bank yesterday.
The Central Bank further says that crane bank lacks the financial muscle to run the services of a commercial bank in Uganda and we ask ourselves, If Crane Bank is not safe then which bank is Safe?