On the 20th of October 2016 , Bank of Uganda suspended the Board of Directors of Crane Bank Uganda limited and took over management of the bank. On the same day Bank of Uganda appointed a statutory manager of the bank.

But what exactly does the statutory manager do; Section 90 (4) of the Financial Institutions Act 2004 provides among the many roles of a statutory Manager the role to;

• Trace and preserve all the property and assets of the institution he or she is appointed to administer.

• Recover debts and other sums of money due and owing to the financial institution he or she is appointed to administer.

• Evaluate the capital structure and management of the institution and recommend to the Central Bank any restructuring or re-organisization which he or she considers necessary .

• Enter into contracts in the ordinary course of business of the financial institution.

• Obtain from any officers or employees of the financial institution any documents, records , accounts, statements or information relating to its business.

• Issue new balance sheets, profit and loss accounts of the financial institution.

Do you think the appointed Statutory Manager will enable Crane Bank Limited regain economic and financial stability?


  1. my thought is as far as the re-capitalization process is not met apptopriately in-terms of finding a new investor to buy acertain percentage of stock/shares whether in cash or stock then its my thought is its going zo take a while until the bank regains its stability and trust.
    2. The current shareholders also need to play a bigger part in looking for a formidabe investor and relinquish a part of shareholding for the bank to get back on its feet.my thoughts.

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