17 September 2013

Uganda: Crane Bank to Sell Shares

Bank officials are reticent on the matter, saying only that the listing was scheduled for early 2014. The listing will allow individuals and firms in Uganda to own part of the bank.

Opening Crane bank's Jinja branch on Monday, Bank of Uganda Governor Emmanuel Tumusiime-Mutebile said listing on the stock exchange was one of the most important steps in the area of transparency, capital accumulation and business expansion.

"We are all anxiously awaiting that moment," Mutebile said.

He added that BoU was committed to fostering a sound and inclusive financial system with a variety of products.

"It is my hope that the recent approval by cabinet of the principles that will govern agent banking and Islamic banking in Uganda will also pave way for the rapid expansion of financial access and inclusion in the country," he said.

Mutebile, however, warned of challenges that come with branch expansion, saying the higher business volumes and multiple locations entail increased operational risks.

Crane bank Managing Director A R Kalan reiterated that the bank's strategy was to increase its network in Uganda to 50 branches by end of 2014.

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