NO PROPERTY ATTACHED: City tycoon Sudhir Ruparelia

The last few weeks have been torrid for Crane Bank with rumors of its takeover taking center stage. And today has seen another rumor spread like wildfire.

The rumour, which was shared on social media platforms, instructed depositors to withdraw their money from Crane Bank. The propagandists who circulated the messages claimed that they were tipped by an insider in Bank of Uganda.
However, the Central Bank has distanced itself from the claim, saying the harmful messages where not issued by the financial institutions’ regulator.
“Messages circulating on Whatsapp instructing depositors to withdraw their money from Crane Bank were not issued by BoU. It has been brought to our attention that messages have been circulating on Whatsapp instructing depositors to withdraw their money from Crane Bank within the next week. We wish to categorically state that these messages were not issued by Bank of Uganda.”
Crane Bank also dismissed the statements as harmful propaganda is baseless and malicious intended to misguide and cause panic among its customers.
“Our customer’s deposits are safe and there should be cause to worry. We are well capitalized and there is no reason why we should wait. We have served Uganda for 21 years why now,” the source said, customers to wait for an official communication.

Founded in 1995, Crane Bank, now in its 21st year of operations, has grown to become one of Uganda’s largest locally-owned commercial banks; the 4th largest in terms of assets and 5th in terms of deposits.

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Crane Bank has provided financial services to corporate and retail sectors in Uganda for a number of years, largely focusing on Micro, Small & Medium enterprises (SMEs).
The Bank aims not only to provide the best services at the most economical terms to its customers, but also to encourage the culture of banking within the unbanked population.