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Mercantile Bank (Bangladesh)

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This article is about the 1999 established commercial bank, headquartered in Dhaka, Bangladesh. For the other banks with similar names, see Mercantile Bank (disambiguation).
Mercantile Bank PLC
Company typePublic
DSE: MERCANBANK
CSE: MERCANBANK
IndustryBanking
Founded1999; 25 years ago (1999)[1]
Headquarters
Dhaka
,
Bangladesh
Services
Number of employees
2,305[2] (2018)
Websitewww.mblbd.com

Mercantile Bank PLC is a commercial bank[1][3] headquartered in Dhaka, Bangladesh.[4][5]

History

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Mercantile Bank is a public limited company with limited liability under the bank companies act, 1991. Its share are listed in Dhaka Stock Exchange and Chittagong Stock Exchange. The bank provide products and services in retail banking, corporate finance, Islamic finance, asset management, equity brokerage and security. It has 119 branches[6] in Bangladesh and employs around 2,300 employees.[2]

In April 2009, Mohammad Abdul Jalil, a former Awami League Commerce Minister, was elected chairman of Mercantile Bank.[7]

Md Abdul Jalil was re-elected chairman of Mercantile Bank in April 2012.[8]

On 9 January 2013, M Ehsanul Haque was appointed managing director of Mercantile Bank.[9] In May 2013, Bangladesh Bank found a director of Mercantile Bank, Md Shahabuddin Alam, was involved with illegal transaction involving subsidiaries of SA Group of Industries.[10] M Amanullah was elected chairman of Mercantile Bank.[11]

Bangladesh Bank appointed an observer to Mercantile Bank in November 2014.[12]

In January 2016, Kazi Masihur Rahman was appointed managing director of Mercantile Bank.[13]

Bangladesh Bank investigation in February 2018 found that the bank violated rules regarding cash incentive for exports.[14] The Anti-Corruption Commission sued four directors of Mercantile Bank, Akram Hossain Humayun, M Amanullah, Md Anwarul Haque, and Mohd Selim, in December 2018 for helping Patrick Fashions and Kazi Farhad Hossain secure a loan mortgaging government property.[15]

From 17 to 21 February 2019, Mercantile Bank suspended all activities as it was shifting its data center.[16] Md Quamrul Islam Chowdhury was appointed managing director of Mercantile Bank.[17] Morshed Alam, chairman of Bengal Group of Industries and member of parliament from Awami League, was appointed chairman of Mercantile Bank in July.[18]

In January 2020, Bangladesh Bank removed a director of Mercantile Bank, Md Shahidul Ahsan, over allegations of money laundering.[19]

Bangladesh Bank removed a director of Mercantile Bank, AKM Shaheed Reza, for being involved in irregular loans in April 2021.[20] Reza was investigated by Bangladesh Financial Intelligence Unit and the Financial Integrity and Customer Services Department of Bangladesh Bank who found his involvement in irregular loans with PK Halder.[20] Morshed Alam was reappointed chairman of Mercantile Bank.[21]

In March 2022, Bangladesh Securities and Exchange Commission approved Mercantile Bank Unit Fund, an open-ended mutual fund.[22] In July, Mercantile Bank announced plans to buy commercial real-estate from its chairman, Morshed Alam, in Noakhali District from 81.5 million BDT.[23]

Subsidiaries

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  • Mercantile Bank Securities Limited.[24]
  • Mercantile Exchange House (UK) Limited[25]
  • MBL Asset Management Limited[26][27]

Board of directors

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Name Position Referencce
Morshed Alam Chairman [28]
A. S. M. Feroz Alam Vice-Chairman [28]
Md. Abdul Hannan Vice-Chairman [28]
Md. Anwarul Haque Director [28]
M. Amanullah Director [28]
Gazi Mohammad Hasan Jamil Director [28]
Akram Hossain Humayun Director [28]
Mosharref Hossain Director [28]
M. A. Khan Belal Director [28]
Mohammad Abdul Awal Director [28]
Md. Rezaul Kabir Director [28]
Md. Quamrul Islam Chowdhury Managing Director [28]

See also

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References

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  1. ^ a b "About us". Mercantile Bank Limited. Retrieved 15 April 2012.
  2. ^ a b "Annual Report 2018 - Mercantile Bank Limited" (PDF). Mercantile Bank Limited. Retrieved 23 September 2019.
  3. ^ "Mercantile Bank Limited congratulated Bangladesh Bank Governor Dr. Atiur Rahman". The Financial Express. Dhaka. 2015-10-24. Archived from the original on 2016-06-10. Retrieved 2016-05-09.
  4. ^ Thomson Bank Directory. Thomson Financial Pub. 2004-01-01. p. 72.
  5. ^ The Bank Directory. Accuity. 2008-01-01. p. 261.
  6. ^ "Branches". Mercantile Bank Limited. Retrieved 2017-01-10.
  7. ^ "Jalil named Mercantile Bank chairman". The Daily Star. 2009-04-05. Retrieved 2023-03-29.
  8. ^ "Mercantile Bank re-elects chairman". The Daily Star. 2012-04-03. Retrieved 2023-03-29.
  9. ^ "New MD for Mercantile Bank". The Daily Star. 2013-01-09. Retrieved 2023-03-29.
  10. ^ "BB unearths scam by a director of Mercantile Bank". The Daily Star. 2013-05-03. Retrieved 2023-03-29.
  11. ^ "Mercantile Bank elects chairman". The Daily Star. 2013-05-19. Retrieved 2023-03-29.
  12. ^ "BB appoints observer to Mercantile Bank". The Daily Star. 2014-11-06. Retrieved 2023-03-29.
  13. ^ "New MD for Mercantile Bank". The Daily Star. 2016-01-12. Retrieved 2023-03-29.
  14. ^ Uddin, AKM Zamir (2018-02-27). "Cash incentive rules flouted". The Daily Star. Retrieved 2023-03-29.
  15. ^ "ACC files case against Mercantile Bank directors". The Daily Star. 2018-12-06. Retrieved 2023-03-29.
  16. ^ "Mercantile Bank suspends operation Feb 17-21". The Daily Star. 2021-02-11. Retrieved 2023-03-29.
  17. ^ "New CEO for Mercantile Bank". The Daily Star. 2019-02-24. Retrieved 2023-03-29.
  18. ^ "Mercantile Bank gets new chairman". The Daily Star. 2019-07-05. Retrieved 2023-03-29.
  19. ^ "BB removes Mercantile Bank director". The Daily Star. 2020-01-06. Retrieved 2023-03-29.
  20. ^ a b "BB removes Mercantile Bank director Reza for loan scandal". The Daily Star. 2021-04-28. Retrieved 2023-03-29.
  21. ^ "Mercantile Bank reappoints chairman". The Daily Star. 2021-04-30. Retrieved 2023-03-29.
  22. ^ "Regulator approves Mercantile Bank Unit fund". The Daily Star. 2022-03-01. Retrieved 2023-03-29.
  23. ^ "Mercantile Bank to buy floor space from its chairman". The Business Standard. 2022-07-26. Retrieved 2023-03-29.
  24. ^ "Mercantile Bank Securities gets new chairman". The Daily Star. 2020-09-07. Retrieved 2023-03-29.
  25. ^ "Mercantile Exchange House (UK) Limited". Mercantile Bank Limited. Retrieved 29 March 2023.
  26. ^ "Brac Bank to provide custodial services to MBL Asset Management Limited". The Business Standard. 2022-02-08. Retrieved 2023-03-29.
  27. ^ "Mercantile Bank Limited". mblamlbd.com. Retrieved 2023-03-29.
  28. ^ a b c d e f g h i j k l "Board of Directors". Mercantile Bank Limited. Retrieved 29 March 2023.
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