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Uganda's dfcu Bank takes over insolvent Crane Bank

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Uganda's dfcu Bank takes over insolvent Crane Bank

The assets and liabilities of Ugandan lender Crane Bank Ltd. were transferred to dfcu Ltd. unit dfcu Bank Ltd. after Crane Bank was placed into receivership by the Ugandan central bank.

The Bank of Uganda took over management of Crane Bank in October 2016, at which time its liabilities "grossly exceeded" its assets. That situation of insolvency has continued, central bank Governor Emmanuel Tumusiime-Mutebile said in a statement, and the central bank placed Crane Bank into receivership Jan. 24.

Customers and depositors of Crane Bank will now have their accounts operated by dfcu Bank, which will also take over some branches of Crane Bank. The bank was among at least half a dozen financial institutions reported in December 2016 to be interested in Crane Bank, a list that also included Barclays Africa Group Ltd. and FirstRand Ltd.-owned First National Bank of South Africa.