Crane Bank Customers Optimistic after Takeover

2563 Views Kabale, Western Region, Uganda

In short
Some Crane Bank Customers are optimistic that the bank will regain solvency after the takeover. Venerable Jack Katarishangwa, the Archdeacon for Bubaare Archdeaconry in the Diocese of Kigezi says he withdrew a portion of his money after the news but hopes that the takeover is for the better.

Scores of customers have continued to withdraw their deposits from Crane Bank following its takeover by the Central Bank.

Although the number of people flocking the banking halls has reduced, compared to last evening's rush, operators have told Uganda Radio Network that more people are withdrawing their savings from the bank.

However, a few others are optimistic that the bank will regain solvency after the takeover. Venerable Jack Katarishangwa, the Archdeacon for Bubaare Archdeaconry in the Diocese of Kigezi says he withdrew a portion of his money after the news but hopes that the takeover is for the better.
 
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John Steve Mugisha, another Crane Bank customer who was found at the Branch in Kabale says that although he had gone to withdrawal his savings from the bank, he gained assurance after reading the notice displayed at the entrance.

In the notice, the management of Crane Bank informed customers that all its branches would continue to operate normally. It adds that the bank was in the process of searching for a strategic equity partner who will help to take Crane Bank to the next level.

He adds that despite the current tension over the takeover across the country, he is sure that his money is safe adding that he will continue as a customer.
 
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But Alex Ainebyoona, one of the customers found at Crane Bank-Kabale branch says he rushed to the bank after a friend alerted him about the takeover. He says that he will keep his money home or invest in other businesses to avoid making losses.

Fred Twinobusingye, the Crane Bank Branch Manager could not be reached for a comment.
 
The central Bank took over the management of the Bank with effect from October 20. According to Central Bank Governor Emmanuel Tumusiime Mutebile, the action was taken upon determination that Crane Bank Limited is a significantly under-capitalized institution and this poses systemic risks to the stability of the financial systems.

 

About the author

Samuel Amanya
Samuel Amanya is the Kigezi Region URN bureau chief. Kabale, Kisoro, Kanungu and Rukungiri districts fall under his docket. Samuel Amanya has been a Uganda Radio Network reporter since August 2016. Before becoming a URN staff reporter, Amanya had written for the network for several years as a freelancer.


Amanya was also a Voice of Kigezi reporter from 2011 to 2016.


A journalism graduate from African College of Commerce Kabale, Amanya values his independence. Amanya says URN is a home for his talent because it lets him explore his journalistic interests without limits.

Amanya is fascinated by the crime beat and some of his best stories have come out of that interest. Amanya says he aims to be all round beat reporter.