Shs200billion Crane bank expansion drive takes shape with the opening of the 42nd branch along Masaka road

Friday November 14 2014

By Daily Monitor reporter

By close of next year Crane Bank would have invested at least Shs200billion in a bid to increase its visibility and taking banking services closer to the people.

Speaking in an interview after launching its 42nd branch in Kyengera early in the week, the bank’s acting managing director, Mr P.K Gupta said the bank is committed in not just increasing its presence around the country but also adding value to the lives of the people through providing relevant banking services.

He said: “We believe in what we do and our focus is to offer services that are relevant to people where our branches are.”

Each fully furnished branch cost the bank not less than $1million (Shs2.7billion), an investment the commercial institution describes as strategic and proof that it is here to stay—do business.

In the beginning of the year, the bank senior management team said at least Shs200billion has been budgeted for establishing 50 branches which will be strategically spread across the country by close of next year--2015.

Demand-driven expansion
In another interview with Ms Jyotsna Ruparelia, a director, she said: “We follow the demand. Our expansion is being driven by the demand for it—banking services.”

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“The opening of this branch in Kyengera demonstrates Crane Bank’s continuing commitment of “Serving to Grow, Growing to serve” by bringing banking products and services closer to the people,” she added.
Crane Bank currently has 42 branches and 100 ATMs spread across the country.

By close of the year, the bank intends to hit at a target of 45 branches, raising the number to 50 by the end of next year.

Also, the bank launched its operations in Rwanda, making it the first indigenous Ugandan bank to venture outside Uganda.

However, the Shs825billion quoted earlier as the total investment injected in branch expansion across the country is erroneous according to a statement issued Friday by the bank’s public relations manager, Ms Martha Tukahirwa.

She clarified in a statement that the aforementioned amount represents the total assets/loans with the bank, and not the amount of money that has been invested in opening branches across the country.

iladu@ug.nationmedia.com

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