VOL. NO: 48      DATE:
 

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AFRICAN ECHO BUSINESS NEWS
Complied by Cass Gilroy-Business Editor

Crane Bank of Uganda takes over Stanhope Finance

The Crane Bank of Uganda has purchased all assets of the Stanhope Finance Company and assumed all its liabilities following an approval by the Bank of Uganda. 

In a recent statement, Crane Bank chairman, Samson Muwanguzi, said that the shareholders of Crane Bank Limited and the shareholders of Stanhope have approved the terms of an agreement for the sale of assets and assumption of liabilities excluding tax and NSSF dues if any of Stanhope Finance Company Limited by Crane Bank Limited. The statement said that all Stanhope's offices and branches will remain open and continue to serve customers as branches of Crane Bank. Crane Bank applied to the BOU in April to take over the Stanhope Finance Company and Forex Bureau. 

Stanhope has in the past one year been dogged by a series of financial difficulties which started with the irregular transfer of large sums of foreign exchange from the company.

 

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