On April 06th 2-18, Bank of Uganda Governor, Dr Louis Kasekende, spoke out, for the first time in a long time about the sale, by Bank of Uganda of Crane Bank to dfcu for what many believe to have been a fraction of its real value.
This sale and many other issues surrounding it are subject to a court process and will certainly be a story for another, day but I wish to address myself to the other comments that Kasekende made about Crane Bank and the banking industry in general.
While speaking at a dinner to mark the 20-year anniversary dinner for the Uganda Securities Exchange (USE) Kasekende said, the insolvency of Crane Bank was “not caused by any problems in the wider economy; it was caused by its own mismanagement, not least by its extensive insider lending.