[3] In June 2017, the Commercial Bank of Africa signed an agreement to acquire the assets to Crane Bank of Rwanda, pending regulatory approval.
[2] In May 2017, CBA Rwanda, a microfinance institution, made public its intention to acquire Crane Bank Rwanda, a commercial bank, whose parent company in Uganda had been sold and the buyers of the parent did not want to keep the Rwandan subsidiary.
[7] On 15 June 2017 the CBA Group signed a definitive sale and purchase agreement with DFCU Bank, the owners of Crane Bank Rwanda.
The acquisition required regulatory approval in Rwanda, Kenya and Uganda.
[3] Crane Bank Rwanda was a member of the Ruparelia Group, A Uganda-based conglomerate, that included a bank, insurance companies, foreign exchange bureaux, schools, radio stations, a university, hotels and resorts.