SUDHIR LOSES CRANE BANK RWANDA TO BANK OF AFRICA

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Plans and procedures for acquisition of Crane Bank Rwanda by Commercial Bank of Africa (CBA) are at an advanced stage with the deal expected to be completed in coming days.

The sale of Crane Bank Rwanda comes months after the parent firm, Crane Bank, was sold to Dfcu Bank, both based in Uganda.

Sources privy to the issue indicate that the acquisition was initiated about a fortnight ago and could be complete any day from now.

A number of local banks had expressed interest in Crane Bank Rwanda, which has two branches in the country. The bank began operations in the country in 2014.

The source said there have been discussions on the acquisition, which are awaiting formal sign-off.

CBA entered the Rwandan market in January.

The bank partnered with telecom service provider MTN-Rwanda to roll out a mobile telephone-linked banking product, MoKash.

The capitalisation challenges at Crane Bank Uganda and consequent takeover of the management by Uganda’s central bank did not have direct effect on its Rwandan subsidiary, officials from the National Bank of Rwanda say.

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