Crane Bank Rwanda

Crane Bank Rwanda
Private
Industry Financial Services
Founded 2014
Headquarters Kigali, Rwanda
Key people
 Edigold Monday[1]
Managing Director
Products Loans, Checking, Savings, Investments, Debit Cards
Total assets US$13.7 million (UGX:38.1 billion)[2] (2014)
Website Homepage

Crane Bank Rwanda is a commercial bank in Rwanda, licensed by National Bank of Rwanda, the central bank and national banking regulator.[3] In June 2017, the Commercial Bank of Africa signed an agreement to acquire the assets to Crane Bank of Rwanda, pending regulatory approval.[4]

Overview

The bank began operations on Monday 30 June 2014, having received a full unrestricted banking license from NBR, one year earlier.[5] The estimated total asset valuation of the institution at December 2014 was approximately US$13.7 million, with shareholders' equity of approximately US$8.6 million.[2] The official exchange rate at 31 December 2014 was USh2,778 = US$1.00.[6]

Ownership

Crane Bank Rwanda was a 100% subsidiary of Crane Bank, the 3rd largest commercial bank in Uganda, the largest indigenous commercial bank in the country, with approximately US$620 million in total assets at December 2014.[2]

Ruparelia Group

Crane Bank Rwanda was a member of the Ruparelia Group, A Uganda-based conglomerate, that included a bank, insurance companies, foreign exchange bureaux, schools, radio stations, a university, hotels and resorts. In October 2016, the Bank of Uganda took over the administration of Crane Bank and its subsidiaries, due to under-capitalization. In January 2017, DFCU Bank purchased the assets and liabilities of Crane Bank.[4]

Branches

As of July 2015, CBR maintains the following branches:[2]

  1. Main Branch - 10249 Ville De Kigali, Nyarugenge, Muhima, Kigali
  2. La Bonne Adresse Branch -5447 La Bonne Adresse Building, 76 Avenue de la Revolution, Kigali.

See also

References

  1. ↑ Rumanzi, Abraham (11 July 2014). "Crane Bank Opens In Rwanda, Promises Traders Exclusive Financial Services". Hope Magazine (Kigali). Retrieved 2 August 2014.
  2. 1 2 3 4 CBL, . (23 April 2015). "Crane Bank 2014 Annual Report And Financial Statement" (PDF). Crane Bank Limited (CBL). Retrieved 20 July 2015.
  3. ↑ National Bank of Rwanda (1 June 2017). "National Bank of Rwanda: List of licensed banks as of June 2017" (PDF). Kigali. Retrieved 16 June 2017.
  4. 1 2 Mutegi, Mugambi. "CBA in deal to buy Rwandan unit of Uganda’s Crane Bank". The EastAfrican. Nairobi. Retrieved 16 June 2017.
  5. ↑ Stephen Otage, and Stephen Wandera (26 July 2013). "Crane Bank To Extend Operations To Rwanda". Daily Monitor. Retrieved 2 August 2014.
  6. ↑ Umeme, . (26 March 2015). "Umeme 31 December 2014 Annual Report And Financial Statements" (PDF). Umeme Limited (Umeme). Retrieved 23 April 2015.
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