Business
Crane bank in sh3.5bn expansion drive
Publish Date: Feb 10, 2012
Crane bank in sh3.5bn expansion drive
Managing Director A. K Kalan withdraws money from the counter during the launch of Crane Bank Mukono
  • mail
  • img
newvision

By Samuel Sanya

AS inflation starts to fall in the Ugandan economy, investment is starting to pickup with Crane Bank setting the pace, opening an additional $1.5m (sh3.5b) branch in the district of Mukono. 

Bank executives say the branch is part of two others that are due for opening in the month of February as part of a strategy to reach 25 country branches at the close of this year.

“All staff for the Mukono branch were recruited locally to benefit the district and create goodwill. The facility cost us $1.5m and took 9 months to construct,” said A R Kalan, the Crane Bank managing director.

The banks’ after tax profits grew 61% to sh51.6b in 2010 up from sh32.05b a year before largely due to growth in loans and advances with a huge reduction in default rates.

Crane Bank Director Sam Muwanguzi and Managing Director A. R Kalan chat during the launch. Photo by MARK OWOR

Speaking to the New Vision in an earlier interview, Kalan hinted at the banks ambitions of opening shop in DR Congo, Rwanda and South Sudan to capture clientele in the wider East African market in addition to listing shares on Uganda’s stock exchange.

Samson Muwanguzi, the bank’s chairman board of directors, said that by opening additional branches in Mukono, and soon in Abaita Ababiri and Najja in Kampala, the bank is looking to get closer to clients as competition heats up.

Uganda currently has over 23 licensed commercial banks with only 3 million bank accounts representing 10% of the total population according to Finscope surveys.

The statements, comments, or opinions expressed through the use of New Vision Online are those of their respective authors, who are solely responsible for them, and do not necessarily represent the views held by the staff and management of New Vision Online.

New Vision Online reserves the right to moderate, publish or delete a post without warning or consultation with the author.Find out why we moderate comments. For any questions please contact digital@newvision.co.ug

  • mail
  • img
blog comments powered by Disqus
Also In This Section
ERA licenses 9 renewable energy projects
An additional 9 renewable electricity plants, some under the Global Energy Transfer for Feed-in-Tarrifs (GET-FiT) programme, have been licensed to generate 132.7MW to boost Uganda’s transformation into an upper middle class country....
Pump attendants tipped on safety standards in case of fire
Vivo Energy, the company that distributes and markets Shell branded fuels and lubricants has conducted a fire drill to test the response preparedness by staff at Shell Service Stations in case of a fire outbreak. The drill was conducted at Shell Kira Road located at the Bukoto white flats....
UAE Exchange customer wins Xpress Money ‘Win Big’ second weekly draw
Xpress Money recently announced the second weekly draw winner of its ongoing promotion – Win Big. Ms. Ann Minviluz Banquerigo, a customer of UAE Exchange, Lugogo Mall branch, won herself a prize money of UGX 250,000 by simply sending money using Xpress Money services....
Total CEO de Margerie killed in Moscow as jet hits snow plough
MOSCOW - The chief executive of French oil major Total, Christophe de Margerie, was killed when his private jet collided with a snow plough as it was taking off from Moscow's Vnukovo airport on Monday night....
Govt to identify key opportunities for growth
THE Government and World Bank are preparing a joint ‘Country Economic Memorandum’ report, which will identify key opportunities and challenges to accelerating socio-economic transformation...
Business guide in conflict resolution developed
A business guide for the business community to resolve conflicts without resorting to courts of law has been developed....
Was Oscar Pistorius' 5 year sentence fair and just?
Yes
No
Can't Say
follow us
subscribe to our news letter