Uganda central bank takes over key commercial bank

Uganda'scentral bank said Thursday it had taken over management of the country's largest locally owned commercial bank, Crane Bank, saying its lack of capital posed a risk to the financial system.

Bank of Uganda Governor Emmanuel Tumusiime-Mutebile said in a statement the bank would remain open, continue to operate normally and that the central bank would protect deposits. Crane Bank, which says on its website it is Uganda's fourth largest bank in terms of assets and fifth in terms of deposits, is controlled by private Ugandan conglomerate, Ruparelia Group.

According to Forbes magazine in 2015, the head of the family owned business, Sudhir Ruparelia, was the 27th richest man in Africa with a personal net worth of $800 million (730 million euro).