Mercantile Bank Limited is a

commercial bank A commercial bank is a financial institution which accepts deposits from the public and gives loans for the purposes of consumption and investment to make profit. It can also refer to a bank, or a division of a large bank, which deals with cor ...

headquartered in

Dhaka Dhaka ( or ; bn, ঢাকা, Ḍhākā, ), formerly known as Dacca, is the capital and largest city of Bangladesh, as well as the world's largest Bengali-speaking city. It is the eighth largest and sixth most densely populated city ...

Bangladesh Bangladesh (}, ), officially the People's Republic of Bangladesh, is a country in South Asia. It is the eighth-most populous country in the world, with a population exceeding 165 million people in an area of . Bangladesh is among the mos ...

History

Mercantile Bank is a public limited company with

limited liability Limited liability is a legal status in which a person's financial liability is limited to a fixed sum, most commonly the value of a person's investment in a corporation, company or partnership. If a company that provides limited liability to it ...

under the bank companies act, 1991. Its share are listed in

Dhaka Stock Exchange The Dhaka Stock Exchange (DSE) ( bn, ঢাকা স্টক এক্সচেঞ্জ ''Dhaka stôk ekschenj''), located in Nikunja, Dhaka, is one of the two stock exchanges of Bangladesh, the other being the Chittagong Stock Exchange. I ...

and

Chittagong Stock Exchange The Chittagong Stock Exchange ( bn, চট্টগ্রাম স্টক এক্সচেঞ্জ) is a stock exchange based in the port city Chittagong, Bangladesh. It is one of the twin financial hubs of the country, alongside the Dha ...

. The bank provide products and services in

retail banking Retail banking, also known as consumer banking or personal banking, is the provision of services by a bank to the general public, rather than to companies, corporations or other banks, which are often described as wholesale banking. Banking servi ...

corporate finance Corporate finance is the area of finance that deals with the sources of funding, the capital structure of corporations, the actions that managers take to increase the Value investing, value of the firm to the shareholders, and the tools and anal ...

Islamic finance Islamic banking, Islamic finance ( ar, مصرفية إسلامية), or Sharia-compliant finance is banking or financing activity that complies with Sharia (Islamic law) and its practical application through the development of Islamic economics ...

asset management Asset management is a systematic approach to the governance and realization of value from the things that a group or entity is responsible for, over their whole life cycles. It may apply both to tangible assets (physical objects such as buildings ...

, equity brokerage and

security Security is protection from, or resilience against, potential harm (or other unwanted coercive change) caused by others, by restraining the freedom of others to act. Beneficiaries (technically referents) of security may be of persons and social ...

. It has 119 branches in Bangladesh and employs around 2,300 employees. In April 2009,

Mohammad Abdul Jalil Mohammad Abdul Jalil was a freedom fighter and Mukti Bahini Sector Commander of Sector 9 of during the Bangladesh liberation war in 1971. He was also one of the founding members of political party Jatiyo Samajtantrik Dal. Early years Mohammad ...

, a former Awami League Commerce Minister, was elected chairman of Mercantile Bank. Md Abdul Jalil was re-elected chairman of Mercantile Bank in April 2012. On 9 January 2013, M Ehsanul Haque was appointed managing director of Mercantile Bank. In May 2013,

Bangladesh Bank Bangladesh Bank ( bn, বাংলাদেশ ব্যাংক) is the central bank of Bangladesh and is a member of the Asian Clearing Union. It is fully owned by the Government of Bangladesh. The bank is active in developing green banki ...

found a director of Mercantile Bank, Md Shahabuddin Alam, was involved with illegal transaction involving subsidiaries of SA Group of Industries. M Amanullah was elected chairman of Mercantile Bank. Bangladesh Bank appointed an observer to Mercantile Bank in November 2014. In January 2016, Kazi Masihur Rahman was appointed managing director of Mercantile Bank. Bangladesh Bank investigation in February 2018 found that the bank violated rules regarding cash incentive for exports. 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. From 17 to 21 February 2019, Mercantile Bank suspended all activities as it was shifting its data center. Md Quamrul Islam Chowdhury was appointed managing director of Mercantile Bank. Morshed Alam, chairman of Bengal Group of Industries and member of parliament from Awami League, was appointed chairman of Mercantile Bank in July. In January 2020, Bangladesh Bank removed a director of Mercantile Bank, Md Shahidul Ahsan, over allegations of money laundering. Bangladesh Bank removed a director of Mercantile Bank, AKM Shaheed Reza, for being involved in irregular loans in April 2021. Reza was investigated by

Bangladesh Financial Intelligence Unit The Bangladesh Financial Intelligence Unit is a government agency of Bangladesh responsible for investigating money laundering, suspicious transactions, and cash transaction reports. The unit works under Bangladesh bank. Md Masud Biswas is the ch ...

and the Financial Integrity and Customer Services Department of Bangladesh Bank who found his involvement in irregular loans with

PK Halder Prashanta Kumar Halder, also known as PK Halder, is a Bangladeshi-Canadian banker, businessman and a finance officer. He is a fugitive and wanted in Bangladesh for embezzlement of more than 102 billion taka, one of the biggest cases in Bangladesh. ...

. Morshed Alam was reappointed chairman of Mercantile Bank. In March 2022, Bangladesh Securities and Exchange Commission approved Mercantile Bank Unit Fund, an open-ended mutual fund. In July, Mercantile Bank announced plans to buy commercial real-estate from its chairman, Morshed Alam, in

Noakhali District Noakhali ( bn, নোয়াখালী, , New canal), historically known as Bhulua ( bn, ভুলুয়া), is a district in southeastern Bangladesh, located in the Chittagong Division. It was established as district in 1821, and offici ...

from 81.5 million BDT.

Subsidiaries

* Mercantile Bank Securities Limited. * Mercantile Exchange House (UK) Limited * MBL Asset Management Limited

Board of directors

References

External links

WebsiteMercantile bank limited Review
{{Banks in Bangladesh Banks of Bangladesh Companies listed on the Dhaka Stock Exchange Companies listed on the Chittagong Stock Exchange Banks established in 1999 Banks of Bangladesh with Islamic banking services 1999 establishments in Bangladesh

History

Subsidiaries

Board of directors

See also

References

External links