Kantaria owns Prime Bank in Nairobi, Kenya (Courtesy Photo)

Crane Bank suffers another blow after its second largest shareholder Kenyan Bank magnate Kantaria resigns from board

Ayiswa Issa Tuesday, 8 November 2016 - 11:39am Money

When allegations of Amama Mbabazi and Dr. Ruhakana Rugunda trying to block the sale of toubled Crane Bank emerge in tabloids, the bank has another shocking tale that its second largest shareholder has thrown in the towel.

Crane Bank recently underwent management dissolve after the Central Bank suspended its board.

The second biggest shareholder, Rasik Kantaria and a confidante of Sudhir Ruparelia, has reportedly resigned from the board.

Kantaria is Kenyan of Indian origin who is a wealthy man, having investments in banking sector.

Who is Rasik Kantaria?

Bank baron Dr. Rasiklal Chhotalal Kantaria is from a family that settled in a small village of Limuru near Nairobi in 1898 when his father, Chhotalal Dharamshi Kala Kantaria, opened a small shop.

Rasik was born in 1943 and after finishing his school in Nairobi, he studied in Britain for his degree in economics.

Back in Kenya, Rasik joined the family business of a flour mill and a saw mill at an early age.

The family expanded into other enterprises such as tea estate, auto spares, transport, hardware, tyre retreating, plastics and real estate.

Rasik ventured into finance and founded Prime Capital & Credit Limited in 1988.

Just four years later, he set up Prime Bank which has grown into one of the leading banks in Kenya with 16 branches all over the country.

The bank offers a full range of financial services, including foreign exchange transactions.

Partnering Visa and Money Gram, this bank offers speedy money transfers to any part of the world.

Promoting small and medium enterprises in Kenya, the bank has tied up with European financial institutions.

Now it has branches in five African countries. It has shareholding in similar African banks in Malawi, Botswana, Zambia and Mozambique.

Beyond banking, Rasik has expanded into real estate and manufacturing.

In real estate, he has built housing estates and prestigious business properties in Nairobi.

In tourism, he has owns a wild life lodge and industrial units to manufacture hospital supplies.

His remarkable entrepreneurial spirit has provided jobs for over 3,000 people across Africa.

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