Mercantile Bank
Mercantile Bank PLC is a Bangladeshi commercial banking brand headquartered in Dhaka.
Last updated October 20, 2026
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Overview
Mercantile Bank PLC is a commercial bank in Bangladesh operating under the Bank Companies Act, 1991. Its principal business is banking and financial intermediation, with activities spanning retail banking, corporate finance, Islamic finance, asset management, securities brokerage, and related financial services. The bank serves individuals, businesses, and institutional customers through a nationwide branch network and associated subsidiaries. The institution is headquartered in Dhaka and has operated as a public limited company whose shares are listed on the Dhaka Stock Exchange and the Chittagong Stock Exchange. The available reference material describes a network of 153 branches and approximately 2,300 employees, although the applicable date for those figures is not specified. Its operating model combines conventional commercial banking with Islamic finance and capital-markets-related services, giving it a broader financial-services footprint than a narrowly focused deposit-taking institution. Mercantile Bank's corporate history has included repeated changes in board leadership and senior management. Mohammad Abdul Jalil, a former Bangladeshi commerce minister, was elected chairman in 2009 and re-elected in 2012. M Ehsanul Haque became managing director in 2013, followed by Kazi Masihur Rahman in 2016 and Md Quamrul Islam Chowdhury in 2019. M Amanullah, Morshed Alam, and other directors held the chairmanship at different points described in the available sources. These leadership changes occurred alongside regulatory scrutiny by Bangladesh Bank and other public authorities. The bank's regulatory history includes the appointment of a Bangladesh Bank observer in 2014, an investigation into export cash-incentive compliance in 2018, and actions concerning alleged irregular lending and money-laundering-related conduct by individual directors. In 2018, the Anti-Corruption Commission brought a case against four directors in connection with an alleged loan secured against government property. In later years, Bangladesh Bank removed directors amid allegations involving money laundering and irregular loans. These matters concern governance and compliance issues associated with particular directors or transactions; the available material does not establish that the bank itself was convicted of the allegations. Mercantile Bank has also expanded its financial-services offering through subsidiaries including Mercantile Bank Securities Limited, Mercantile Exchange House (UK) Limited, and MBL Asset Management Limited. In 2022, Bangladesh's securities regulator approved Mercantile Bank Unit Fund, an open-ended mutual fund, marking a further extension into managed investment products. The bank also announced a proposed acquisition of commercial real estate in Noakhali District from its chairman, Morshed Alam, in July 2022. The reference material does not provide the proposal's final completion status. The brand is therefore best understood as a Bangladesh-focused, full-service commercial bank rather than a United States banking institution. Its positioning rests on a combination of branch-based banking, corporate and retail finance, Islamic financial services, securities activity, and asset management. Current operating details, present leadership, official website, founding year, and ownership information are not established by the supplied sources.
History
Mercantile Bank is a Bangladeshi commercial bank headquartered in Dhaka. The available reference describes it as a public limited company operating under the Bank Companies Act, 1991, with shares listed on the Dhaka Stock Exchange and the Chittagong Stock Exchange. The supplied material does not state the bank's founding year or founder. The bank's business scope extends beyond conventional deposit-taking and lending. It provides retail banking, corporate finance, Islamic finance, asset management, equity brokerage, and securities-related services. Its described distribution network includes 153 branches in Bangladesh and approximately 2,300 employees, although no reporting date is supplied for those figures. The institution's associated companies include Mercantile Bank Securities Limited, Mercantile Exchange House (UK) Limited, and MBL Asset Management Limited. Governance changes have been a recurring feature of the bank's history. Mohammad Abdul Jalil, a former commerce minister, became chairman in April 2009 and was re-elected in April 2012. M Ehsanul Haque became managing director in January 2013. During 2013, Bangladesh Bank reportedly identified an alleged illegal transaction involving director Md Shahabuddin Alam and subsidiaries of SA Group of Industries. M Amanullah subsequently became chairman. In November 2014, Bangladesh Bank appointed an observer to the bank. Kazi Masihur Rahman became managing director in January 2016. Regulatory and legal issues became more prominent in the following years. A Bangladesh Bank investigation in February 2018 reportedly found violations of rules governing export cash incentives. In December 2018, the Anti-Corruption Commission sued four directors—Akram Hossain Humayun, M Amanullah, Md Anwarul Haque, and Mohd Selim—in relation to alleged assistance provided to Patrick Fashions and Kazi Farhad Hossain in securing a loan backed by government property. The supplied material records allegations and proceedings, not final judicial outcomes. From 17 to 21 February 2019, Mercantile Bank suspended all activities while transferring its data center. Md Quamrul Islam Chowdhury was appointed managing director in the same year, and Morshed Alam, chairman of Bengal Group of Industries and a member of parliament from the Awami League, became chairman in July. In January 2020, Bangladesh Bank removed director Md Shahidul Ahsan over allegations concerning money laundering. In April 2021, it removed director AKM Shaheed Reza after investigations by Bangladesh Financial Intelligence Unit and a Bangladesh Bank department reportedly found involvement in irregular loans connected with PK Halder. Morshed Alam was reappointed chairman. The bank continued broadening its financial-services activities in 2022. In March, the Bangladesh Securities and Exchange Commission approved Mercantile Bank Unit Fund, an open-ended mutual fund. In July, the bank announced plans to buy commercial real estate in Noakhali District from chairman Morshed Alam. The available source does not establish whether that transaction was completed. Overall, Mercantile Bank's documented development is that of a Bangladesh-focused, listed commercial bank combining branch banking with corporate finance, Islamic finance, capital-markets services, asset management, and exchange-house operations. The supplied material does not establish current executives, current ownership, current financial performance, official website, or the final status of the various regulatory and legal matters.
- 2022
Mercantile Bank Unit Fund approved
[1]The securities regulator approved an open-ended mutual fund bearing the bank's name.
- 2019
Data-center migration
[1]The bank suspended activities for five days while shifting its data center.
- 2016
Kazi Masihur Rahman becomes managing director
[1]Kazi Masihur Rahman was appointed managing director.
- 2014
Regulatory observer appointed
[1]Bangladesh Bank appointed an observer to Mercantile Bank.
- 2013
M Ehsanul Haque appointed managing director
[1]M Ehsanul Haque was appointed managing director on 9 January 2013.
- 2009
Mohammad Abdul Jalil becomes chairman
[1]Mohammad Abdul Jalil was elected chairman of Mercantile Bank.
Products and positioning
A Bangladesh-based full-service commercial bank combining retail and corporate banking with Islamic finance, asset management, securities brokerage, and related financial services.
Banking
Retail banking
The bank's retail-banking activity serves individual customers through its Bangladesh branch network. The supplied material identifies retail banking as a core business area but does not enumerate specific deposit, card, mortgage, or consumer-loan products.
Commercial banking
Corporate finance
Mercantile Bank provides corporate-finance services for business customers. Available references describe the activity at a high level and do not specify the complete range of lending, trade-finance, treasury, or advisory products.
Islamic banking
Islamic finance
Islamic finance is part of the bank's stated service portfolio, positioning the institution to serve customers seeking Sharia-compliant financial arrangements. Specific products and the structure of the offering are not detailed in the supplied source.
Asset management · 2022
Mercantile Bank Unit Fund
Mercantile Bank Unit Fund is an open-ended mutual fund approved by the Bangladesh Securities and Exchange Commission in March 2022. The available reference does not provide its investment mandate, size, performance, or subsequent operating status.
Capital markets
Securities brokerage
Equity brokerage and securities services are delivered within the bank's broader financial-services platform, including through Mercantile Bank Securities Limited. Specific exchange memberships and product details are not supplied.
Investment management
Asset management
Asset-management services are associated with MBL Asset Management Limited, one of the subsidiaries identified in the reference material. The source does not list individual funds or assets under management.
Controversies
2021
Director removed over alleged irregular lending
Bangladesh Bank removed AKM Shaheed Reza after investigations reportedly connected him with irregular loans involving PK Halder.
2020
Director removed over alleged money laundering
Bangladesh Bank removed director Md Shahidul Ahsan over allegations of money-laundering involvement.
2018
Export cash-incentive rule violations
A Bangladesh Bank investigation reportedly found that Mercantile Bank violated rules relating to export cash incentives.
2018
Anti-Corruption Commission loan case
The Anti-Corruption Commission sued four directors over alleged assistance in arranging a loan for Patrick Fashions and Kazi Farhad Hossain using government property as collateral. No final outcome is stated in the supplied material.
2013
Alleged illegal transaction involving a director
Bangladesh Bank reportedly found that director Md Shahabuddin Alam was involved in an alleged illegal transaction involving subsidiaries of SA Group of Industries. The supplied source does not provide the final legal disposition.
Brand decisions
2022
Launch of Mercantile Bank Unit FundProduct launchBackground
The bank expanded its investment-services activities through an open-ended mutual fund.
Action taken
The Bangladesh Securities and Exchange Commission approved Mercantile Bank Unit Fund in March 2022.
Aftermath
The available material does not report fund size, performance, or later distribution.
2022
Proposed purchase of commercial real estateOtherBackground
Mercantile Bank announced a plan to acquire commercial real estate in Noakhali District from its chairman, Morshed Alam.
Action taken
The bank announced the proposed transaction in July 2022.
Aftermath
The supplied source does not establish whether the purchase was completed.
2019
Data-center relocationStrategyBackground
The bank undertook a data-center migration requiring a temporary suspension of all activities.
Action taken
Mercantile Bank suspended operations from 17 to 21 February 2019 while shifting its data center.
Aftermath
The supplied source does not describe technical or financial results from the migration.
Recent events
- 2022
Mercantile Bank Unit Fund approved[1]
Product launch
The Bangladesh Securities and Exchange Commission approved Mercantile Bank Unit Fund, an open-ended mutual fund.
- 2022
Bank announces proposed commercial-real-estate purchase[1]
Other
Mercantile Bank announced plans to purchase commercial real estate in Noakhali District from chairman Morshed Alam.
- 2019
Temporary suspension during data-center migration[1]
Other
The bank suspended all activities from 17 to 21 February while it moved its data center.
- 2014
Bangladesh Bank appoints an observer[1]
Regulation
Bangladesh Bank appointed an observer to Mercantile Bank amid regulatory oversight.
- 2009
Mohammad Abdul Jalil elected chairman[1]
Leadership change
Former commerce minister Mohammad Abdul Jalil was elected chairman of Mercantile Bank.
Sources3 sources
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