Crane Bank Rwanda is a well-established financial institution in Rwanda, with a rich history dating back to 1998. It was founded by Sudhir Ruparelia, a Ugandan businessman.
Crane Bank Rwanda has a strong presence in the country, with several branches located in major towns and cities. This makes it easily accessible to customers across the country.
The bank offers a wide range of financial services, including personal and business banking, loans, and investment products. These services cater to the diverse needs of individuals and businesses in Rwanda.
Crane Bank Rwanda is known for its commitment to customer service, with a team of experienced and friendly staff always ready to assist.
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History and Background
Crane Bank Rwanda began operations on a Monday, June 30, 2014.
The bank received a full unrestricted banking license from NBR one year prior to its opening, which marked a significant milestone in its establishment.
Crane Bank Rwanda's estimated total asset valuation at December 2014 was approximately US$13.7 million.
At the time of its operation, the bank had shareholders' equity of approximately US$8.6 million.
The official exchange rate at 31 December 2014 was USh2,778 = US$1.00.
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Ownership and Sales
Crane Bank Rwanda was a 100% subsidiary of Crane Bank, the 3rd largest commercial bank in Uganda, with approximately US$620 million in total assets at December 2014.
The bank's parent company in Uganda had been sold, and the new owners didn't want to keep the Rwandan subsidiary, leading to the sale of Crane Bank Rwanda.
In May 2017, CBA Rwanda, a microfinance institution, made public its intention to acquire Crane Bank Rwanda. This marked the beginning of the bank's change in ownership.
The acquisition required regulatory approval in Rwanda, Kenya, and Uganda, ensuring a smooth transition for the bank's operations.
On 15 June 2017, the CBA Group signed a definitive sale and purchase agreement with DFCU Bank, the owners of Crane Bank Rwanda, finalizing the sale.
Frequently Asked Questions
Why was Crane Bank closed?
Crane Bank was closed due to a significant drop in its capital reserves, falling below the minimum required threshold. This led to a loss of regulatory confidence, forcing the Bank of Uganda to take action.
Which bank took over Crane Bank?
Crane Bank was taken over by DFCU on January 27, 2017, after being under statutory management due to financial difficulties. The acquisition included all customer accounts.
Sources
- https://en.wikipedia.org/wiki/Crane_Bank_Rwanda
- https://www.256businessnews.com/dfcu-selling-crane-bank-rwanda/
- https://www.wikiwand.com/rw/articles/Banki_Crane_Rwanda
- https://www.watchdoguganda.com/news/20170511/18787/commercial-bank-of-africa-in-final-stages-to-buy-crane-bank-in-kigali.html
- https://www.umusingi.org/en/archives/6918
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