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Report: Crane Bank receives several takeover bids

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Report: Crane Bank receives several takeover bids

A minimum of six financial institutions are bidding to buy Uganda's Crane Bank Ltd., with sale discussions already at advanced stages, the Daily Monitor reported Dec. 19, citing "highly placed sources."

The six bidders reportedly include dfcu Ltd.-owned dfcu Bank Ltd., Barclays Plc-owned Barclays Africa Group Ltd., FirstRand Ltd.-owned First National Bank of South Africa, Aethel Partners and General Equity, with the identity of the sixth bidder not confirmed. All the bidders except for General Equity have already signed a nondisclosure agreement, which allows interested parties to move to the next stage of the talks, according to the Daily Monitor.

The Bank of Uganda recently took over the management of the lender because it was undercapitalized.