Crane Bank to extend operations in Rwanda
Crane The bank, has finalized plans to start operation Rwanda. Crane Bank joins becomes the fifth foreign bank to open shop in the country. Crane Bank becomes the 16th Bank operating in Rwanda. The other banks are National Bank of Rwanda, Urwego Opportunity Bank (UOB), Access Bank Rwanda (ABR), Diamond Trust Bank (DTB), Commercial Bank of Rwanda (Banque Commerciale du Rwanda) (BCR), and Kenya Commercial Bank (KCB).
The other are; Compagnie Générale de Banque (Cogebanque),Rwanda Development Bank (Banque Rwandaise de Développement) (BRD), Ecobank (Rwanda) (EBR),Banque Populaire du Rwanda SA (BPR),Housing Bank of Rwanda (Banque de l'Habitat du Rwanda) (BHR),Bank of Kigali (BK),United Bank for Africa (UBA) Fina Bank (Rwanda) (FBR)
The proprietor, Sudhir Ruparelia, revealed that Crane bank could start operations in Rwanda early next year. Sudhir also revealed that the Bank has ambitious plans to open branches South Sudan and Democratic Republic Congo in near future.
Ruparelia said the bank wants to hit 40 branches by the end of this year and then 50 by the end of next year, a year earlier than planned.
Rwanda entered a high period of economic growth in 2006, and the following year managed to register 8% economic growth, a record it has sustained since, turning it into one of the fastest-growing economies in Africa. This sustained economic growth has succeeded in reducing poverty, with growth between 2006 and 2011 reducing the percentage of the country's population living in poverty from 57% to 45%.
‘We are currently setting up infrastructure before we start operations. We are taking good quality service to Rwanda.’’ Said Crane Bank Managing Director, A.R. Kalan.
In Uganda, the bank has won several awards for bank of year for a reason. The bank’s total assets increased by 21.47% to Ugx 1.168 billion in 2012 up from Ugx.962 bn 1n 2011. Profit after tax increased by 14.45% to Ugx 80.35 bn in 2012, from Ugx 66 bn in 2011. The bank boasts of twenty eigth branches as of 20th July 2013 and works towards increasing them to 40 by end of this year. Crane bank is considered the most aggressive bank on the market. The bank is known to provide fast loans with the lowest processing lead times.
The bank is a first choice by most kikuubo businessmen and top entrepreneurs alike for its responsiveness to customer needs and fast loan processing times. In 2012, the banking industry saw the collapse of another local bank that had been under a microscope from the industry’s regulator, Bank of Uganda.
The National Bank of Commerce, which is rumoured to have collapsed due to misunderstandings between its shareholders, is said to have been ‘acquired’ by Crane bank. It was reported that all the bank’s assets and liabilities, including client deposits and loans were transferred to the same bank. The post consolidation effect, as well as, the cost of the transaction are not yet in the public domain. The full impact of this transaction will be clear in the bank’s annual report of 2013.