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Crane FB off new list of Uganda’s licensed forex bureaus

Former Crane Bank headquarters in Kampala.

Three months after Bank of Uganda (BOU) transferred the assets of Crane Bank to DFCU Bank, one of its key units Crane Forex Bureau has been struck of the list of registered currency operators. Others off the list, which means their Licenses have expired, are Karibu and Redfox.

BOU transferred the liabilities (incl deposits) of Crane Bank to DFCU Bank  in January 2017, and in consideration of that transfer of liabilities, conveyed to DFCU bank, all Crane Bank’s assets.”

BANK OF UGANDA List of Licensed Forex Bureaus as at April 12 2017 by The Independent Magazine on Scribd

How DFCU took over Crane

Bank of Uganda head Prof. Tumusiime Mutebile revealed then that after thorough vetting, DFCU emerged winner among 13 institutions that bid for Crane Bank.

“BoU congratulates DFCU Bank upon this significant milestone that will certainly make the bank’s footprint wider,” he said.

“BoU reassurs the public that it will continue to protect depositors interests and maintain the stability of the financial sector.”

Bank of Uganda took over management of Crane Bank Limited in October last year.

According to BOU, the action taken then was upon the determination by the Bank of Uganda that Crane Bank Limited was significantly under-capitalised.

Since then, Crane Bank has been conducting banking business but under management and control of BOU.

DFCU Takes Over Crane January 2017 by The Independent Magazine on Scribd

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editor@independent.co.ug

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