The Bank of Uganda (BOU) has directed the Uganda Registration Services Bureau (URSB) to remove the term "Bank" from the company name of Crane Bank Limited.

The move follows a 2022 ruling by the Supreme Court regarding the legal status of the defunct Crane Bank Limited.

"The purpose of this notice is to notify the public of this development and to clarify on the status of that company under the Financial Institutions Act, 2004," Kenneth Egesa, the director of communications at BOU said in a public statement.

"The Bank of Uganda remains committed to protecting depositors' interests and maintaining the stability of Uganda's financial sector."

Crane Bank Limited has been subject to legal scrutiny following its collapse, with ongoing proceedings aimed at addressing the aftermath of its closure.

The former Crane Bank was placed under statutory management by BOU in September 2016 following a damning audit report that revealed insufficient capital levels, surging loan defaults from borrowers, and poor corporate governance, among others

In 2022, BOU lost the nearly five-year legal battle at the Supreme Court. However, the ruling left a potential window for a likely revival of the defunct bank by the directors.

The directive to remove "Bank" from its name is a part of the broader regulatory measures undertaken by the BOU to address issues arising from the institution's demise.