Crane Bank Rwanda is wholly going to be under the ownership of DFCU Bank, John Rwangombwa, the governor of the National Bank of Rwanda (BNR) has confirmed.
This follows the conclusion of a purchase and assumption agreement with Bank of Uganda in January, this year in which dfcu Bank acquired some of the assets and assumed some of the liabilities of Crane Bank.
Speaking to TrumpetNews Rwangombwa said Crane Bank Rwanda has been a 100% subsidiary of Crane Bank and it’s going to be managed and owned by DFCU.
“By extension DFCU become ownership of Crane bank Rwanda, we have established discussions with DFCU we want to see their plans will be as Crane bank Rwanda, currently it’s still operating as crane bank Rwanda,” he said.
Rwangombwa further affirmed that DFCU is going to apply to change ownership to have bigger ownership of Crane bank Rwanda, and then they will discuss to see if they intend to continue with operations or if they have other plans in Rwanda.
Crane Bank Rwanda is a commercial bank in Rwanda licensed by BNR, the central bank; it began operations in 2014, having received a full unrestricted banking license from the central bank.
“We expect that within one month we should have agreed with dfcu, on what they intend to do with Crane Bank Rwanda, if it changes the name to dfcu and continue operating or if they have other strategies,” Rwangombwa added.
DFCU Bank was established in 1964 as the Development Finance Company of Uganda, acquired Global Trust Bank (GTB) in 2000, thereby transforming itself into a commercial bank.
DFCU took over Crane Bank, which had been under the statutory management of the Bank of Uganda because Crane’s liabilities exceeded its assets.
The acquisition included all customer deposit accounts and loan accounts, with headquarters in Kampala.