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• The last nail in the coffin of the once mighty Crane Bank
In what could be described as the last nail in the coffin of the once mighty Crane Bank, the dfcu, the bank that took over the Bank has put, Crane Bank’s last unit-Crane Bank Rwanda on sale.
READ: Shocking details on the defunct Crane Bank emerge
Crane Bank was founded by Dr. Sudhir Ruparelia in 1995. The bank grew very fast in Uganda before opening in Rwanda. Management had plans to launch in the Democratic Republic of Congo. The developments were cut short on 20th October 2016, when Bank of Uganda took over the bank, after it was found under-capitalized. According to BoU, Crane Bank capital had fallen below the 50 percent legal requirement under the law. The bank was later sold to dfcu.
It is understood two banks have expressed interest in the bank -Bank of Kigali, Rwanda’s largest bank by assets and KCB Rwanda, a subsidiary of Kenya Commercial Bank.
Founded in 2014, Crane Bank Rwanda is one the smallest banks in Rwanda, with two branches, boosting of about 37,000 accounts.