Crane Bank Uganda Plans Regional Expansion

Crane Bank Limited is planning to expand into the neighboring countries by the end of the year.

If this goes through, this will make it the first indigenous bank in Uganda to spread into foreign markets after the demise of the former Greenland Bank.

Mr. A.R Kalan, the Managing Director, Crane Bank told the East African Business Week during the release of the bank's financial report of 2011 in Kampala last week that the bank was only awaiting clearance from the central banks of those countries before they establish their foot print.

"We are looking at spreading out to Rwanda, we have already obtained a license in Congo (DRC) and we are also looking at South Sudan.

We are just completing the processes and formalities of the different central banks before we can move in, hopefully before the end of this year," Kalan said.

He added that this is part of the bank's five year strategic plan that includes increasing the number of branches in the country from the current 18 to 25 by the end of the year and 50 by 2015.

"For 10 yrs we had only one branch and the board believed it was better to first establish a bigger geographical foot print in Uganda then venture out into other markets," Kalan added.

The bank's expansion into the neighboring markets would be a huge plus to businessmen who operate in the region especially those in South Sudan and Rwanda since it would give them an easier and faster way to save and access money whenever they need.

BY EMMA ONYANGO: The East African Business Week