Ugandan central bank takes over key commercial lender
Bank of Uganda says the African country’s largest locally owned commercial bank poses a risk to the financial system
Kampala — Uganda’s central bank said on Thursday it had taken over management of the Crane Bank, the country’s largest locally owned commercial bank, saying its lack of capital posed a risk to the financial system. Bank of Uganda governor Emmanuel Tumusiime-Mutebile said in a statement the bank would remain open, continue to operate normally and that the central bank would protect deposits. Crane Bank, which says on its website it is Uganda’s fourth-largest bank in terms of assets and fifth in terms of deposits, is controlled by private Ugandan conglomerate, Ruparelia Group. According to Forbes magazine in 2015, the head of the family owned business, Sudhir Ruparelia, was the 27th richest man in Africa with a personal net worth of $800m. Ruparelia is reportedly close to veteran Ugandan President Yoweri Museveni. Local media reported that Ruparelia made a private donation of $1m for the construction of a new headquarters for the ruling party ahead of February elections, which handed ...
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