By Moses Kidandi
Bank of Uganda has taken over management of crane Bank.
in a statement from the central Bank the central Bank revoked section 87-1 and 88-1 of the financial institutions act 2004 to take the decision.
the statement issued by the Governor of the central Bank Tumusiime Mutebile has also suspended the Board of directors of crane Bank.
However the central Bank maintains that none of the staff of crane bank will be affected.
Tumusiime Mutebile in a statement to staff of crane Bank says the Central Bank will continue with the Banks management and has asked the staff to corporate so as to have the Bank continue running normally under new management.