Mutebile breaks silence on Crane Bank crisis

October 19, 2016 in Business, Companies, Financial Services by Editor

Kampala October 18- Bank of Uganda Governor Emmanuel Tumusiime-Mutebile has broken out of the shadows to speak on the ongoing crisis at Crane Bank, until recently Uganda’s fourth largest lender, urging the troubled lenders customers to remain calm amidst the ongoing crisis.

Speaking at the side-lines of the release of the Monetary Policy statement for October, Mutebile said the Central bank would do whatever was in its power to ensure that depositors interests are protected.

“Bank of Uganda will do everything possible to ensure safety of customer deposits and ensure a sound financial system,” he said.

Crane Bank has recently suffered a run as depositors adjusted their position on reports that it was sup for sale. The lender confirmed it was seeking a strategic partner just over a fortnight ago triggering panic after communication on the transaction broke down.

The bank registered NPL’s worth Ushs142.3 billion and posted a Ushs3.1billion loss for calendar 2015, fuelling speculation in the market.