“BoU set out to fail Crane Bank,” – COSASE learns

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KAMPALA, Uganda

Members of Parliament (MPS) sitting on the committee of Commissions, Statutory Authorities and State Enterprises (COSASE) have learnt the central bank engaged in all manner of activities to ensure that the Crane bank failed and was sold.

Speaking to the COSASE board, the former board chairman of Crane Bank Joseph Biribonwa told the committee that the central bank engaged in all manner of activities to ensure that the bank failed and was sold.

Further, Biribonwa noted that the banks shareholders did their best to rescue the bank but the central bank kept shifting goalposts and making more demands.

He said:  “BoU had two options to inject money in the bank and let the shareholders run it or to take over Crane Bank. They chose the second option. The first option would have secured the jobs and financial stability of the economy,”