Mercantile Bank Limited
A publicly listed Bangladeshi commercial bank offering retail, corporate, Islamic and capital-markets services.
Last updated August 24, 2026
AI crawler reads
No AI crawler has read this profile since Oct 28, 2026.
Overview
Mercantile Bank Limited, now also referred to as Mercantile Bank PLC, is a commercial banking institution headquartered in Dhaka, Bangladesh. Established in 1999, it operates as a public limited company under Bangladesh's Bank Companies Act, 1991. Its shares are listed on both the Dhaka Stock Exchange and the Chittagong Stock Exchange, giving it a position within Bangladesh's publicly traded banking sector. The bank's business covers several segments of the Bangladeshi financial system. Its conventional banking activities include deposit-taking, lending, retail banking and corporate finance. It also provides Islamic finance services, allowing it to serve customers seeking Sharia-compliant banking products. Beyond core banking, the wider business platform includes asset management, equity brokerage and securities-related services. The bank's reported subsidiary structure has included Mercantile Bank Securities Limited, Mercantile Exchange House (UK) Limited and MBL Asset Management Limited. Mercantile Bank has developed a nationwide branch network rather than operating solely as a Dhaka-centered institution. The reference material describes approximately 153 branches across Bangladesh and a workforce of around 2,300 employees, although these figures may change over time. Its operating market is primarily domestic Bangladesh, with the United Kingdom-based exchange-house subsidiary supporting remittance and related services for Bangladeshi customers abroad. The institution's corporate history has included repeated changes in board leadership and managing directors. Mohammad Abdul Jalil, a former commerce minister, was elected chairman in 2009 and re-elected in 2012. M Amanullah subsequently served as chairman, while Morshed Alam, chairman of Bengal Group of Industries and a member of parliament at the time, became chairman in 2019 and was reappointed in 2021. The managing-director role changed several times, including appointments of M Ehsanul Haque in 2013, Kazi Masihur Rahman in 2016, and Md Quamrul Islam Chowdhury in 2019. The bank has also faced regulatory scrutiny. Bangladesh Bank appointed an observer in 2014, and later investigations concerned alleged illegal transactions, export cash-incentive compliance, irregular lending and alleged money laundering involving individual directors. In 2018, the Anti-Corruption Commission filed a case against four directors over allegations connected with a loan secured against government property. These matters are allegations or regulatory findings reported in the reference material and should not be treated as proof of criminal liability unless established by a final judicial decision. In addition to ordinary banking, Mercantile Bank has expanded into investment products. In March 2022, the Bangladesh Securities and Exchange Commission approved the Mercantile Bank Unit Fund, an open-ended mutual fund. The bank also announced plans in July 2022 to acquire commercial real estate in Noakhali District from its chairman for BDT 81.5 million. Overall, Mercantile Bank is best understood as a diversified Bangladeshi financial-services brand combining branch banking, corporate finance, Islamic banking, securities, asset management and remittance-related activities.
History
Mercantile Bank was established in Bangladesh in 1999 as a public limited commercial bank. It was formed under the legal framework governing Bangladeshi banking companies and later became a publicly traded institution with shares listed on the Dhaka Stock Exchange and the Chittagong Stock Exchange. From its Dhaka headquarters, the bank built a domestic branch network and expanded beyond conventional deposit and lending activities. Its business scope developed across retail banking, corporate finance, Islamic finance, asset management, equity brokerage and securities services. The group has also been associated with Mercantile Bank Securities Limited, Mercantile Exchange House (UK) Limited and MBL Asset Management Limited. This structure reflects an effort to combine traditional banking with capital-markets, investment-management and remittance-related services. Leadership changed several times during the bank's history. Mohammad Abdul Jalil, a former Awami League commerce minister, became chairman in April 2009 and was re-elected in April 2012. M Amanullah later served as chairman. M Ehsanul Haque became managing director in January 2013, followed by Kazi Masihur Rahman in January 2016. In 2014, Bangladesh Bank appointed an observer to the bank, adding a formal layer of supervisory oversight. The bank faced a series of regulatory and legal challenges in the late 2010s and early 2020s. In 2013, Bangladesh Bank reported that director Md Shahabuddin Alam had been involved in an illegal transaction connected with subsidiaries of SA Group of Industries. A 2018 Bangladesh Bank investigation found violations involving cash incentives for exports. In December of that year, the Anti-Corruption Commission sued four directors over allegations that they assisted Patrick Fashions and Kazi Farhad Hossain in obtaining a loan secured by government property. These reports describe allegations, investigations or regulatory actions rather than final findings of criminal guilt. The institution also experienced an operational interruption in February 2019, when it suspended all activities for several days while transferring its data center. During the same period, Md Quamrul Islam Chowdhury was appointed managing director. Morshed Alam, chairman of Bengal Group of Industries and then a member of parliament, became chairman in July 2019 and was reappointed in 2021. Regulatory scrutiny continued. Bangladesh Bank removed director Md Shahidul Ahsan in January 2020 over alleged money laundering. In April 2021 it removed AKM Shaheed Reza after investigations by Bangladesh Financial Intelligence Unit and Bangladesh Bank departments reportedly found involvement in irregular loans connected with PK Halder. The bank nevertheless continued developing its broader financial-services offering. In March 2022, the Bangladesh Securities and Exchange Commission approved Mercantile Bank Unit Fund, an open-ended mutual fund. In July 2022, the bank announced a proposed purchase of commercial real estate in Noakhali District from its chairman for BDT 81.5 million. The transaction illustrates the importance of related-party governance considerations in the bank's later corporate history. Mercantile Bank remains a Bangladesh-focused commercial banking brand with activities spanning retail and corporate banking, Islamic finance, securities, asset management and exchange-house services.
- 2022
Unit fund approved
[1]The Bangladesh Securities and Exchange Commission approved the open-ended Mercantile Bank Unit Fund.
- 2019
Data-center relocation and leadership transition
[1]The bank suspended activities for five days during a data-center move; Md Quamrul Islam Chowdhury became managing director and Morshed Alam became chairman.
- 2016
Kazi Masihur Rahman appointed managing director
[1]Kazi Masihur Rahman took over as managing director.
- 2014
Bangladesh Bank observer appointed
[1]Bangladesh Bank appointed an observer to Mercantile Bank.
- 2013
New managing director and reported director transaction issue
[1]M Ehsanul Haque became managing director, while Bangladesh Bank reported an illegal transaction involving director Md Shahabuddin Alam and SA Group subsidiaries.
- 2009
Mohammad Abdul Jalil elected chairman
[1]Mohammad Abdul Jalil became chairman of the bank.
- 1999
Bank established
[1]Mercantile Bank was established as a Bangladeshi public limited commercial bank.
Products and positioning
A diversified domestic commercial bank serving retail and corporate customers while extending into Islamic finance, capital markets, asset management and remittance services.
Banking
Retail banking
The bank's retail platform serves individual customers through deposit accounts, consumer-oriented lending and other everyday banking services delivered through its Bangladesh branch network. The supplied reference identifies retail banking as one of the institution's principal operating areas, but does not provide a detailed product catalogue.
Commercial banking
Corporate finance
Mercantile Bank provides corporate banking and finance for business customers, including lending and related financial services. Corporate finance is a core part of its commercial-bank identity, although specific loan products, sector concentrations and current terms are not detailed in the supplied sources.
Islamic banking
Islamic finance
The bank offers Islamic finance services alongside conventional banking. This enables Mercantile Bank to address customers seeking Sharia-compliant financial arrangements. The reference material confirms the business line but does not specify the exact contracts or account products offered.
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. It represents the bank's expansion into investment products and asset management beyond conventional lending and deposit services.
Capital markets
Securities and brokerage services
Through its securities and brokerage activities, including Mercantile Bank Securities Limited, the group participates in Bangladesh's equity and securities markets. The supplied material identifies equity brokerage and securities as business areas but does not provide detailed service-level information.
Controversies
2021
Director removed over alleged irregular loans
Bangladesh Bank removed AKM Shaheed Reza after investigations reportedly linked him to irregular lending involving PK Halder.
2020
Director removed over alleged money laundering
Bangladesh Bank removed Md Shahidul Ahsan from the board amid allegations of money laundering.
2018
Export cash-incentive rule violations
A Bangladesh Bank investigation reported that Mercantile Bank had violated rules concerning cash incentives for exports.
2018
Anti-Corruption Commission loan case
The Anti-Corruption Commission sued four directors over allegations that they helped borrowers obtain a loan by mortgaging government property.
2013
Reported illegal transaction involving a director
Bangladesh Bank reported that director Md Shahabuddin Alam was involved in an illegal transaction connected with subsidiaries of SA Group of Industries.
Brand decisions
2022
Mercantile Bank Unit FundProduct launchBackground
The bank sought to broaden its financial-services and investment-product offering.
Action taken
The Bangladesh Securities and Exchange Commission approved an open-ended Mercantile Bank Unit Fund.
Aftermath
The approval added a mutual-fund product to the bank's asset-management activities.
2022
Proposed commercial-real-estate purchaseOtherBackground
Mercantile Bank announced a plan involving commercial property in Noakhali District owned by chairman Morshed Alam.
Action taken
The bank announced plans to purchase the property for BDT 81.5 million.
Aftermath
The supplied material does not state whether the transaction was completed.
Proposed purchase price. BDT 81.5 million (July 2022)
2019
Data-center relocationStrategyBackground
The bank undertook a relocation of its data center.
Action taken
It suspended all activities from 17 to 21 February 2019 while the transfer was carried out.
Aftermath
The reference records a subsequent managing-director appointment but provides no further operational impact assessment.
Sources2 sources
Cite this profile: Cite the canonical profile. /brand-wiki/mercantile-bank-limited-bangladesh · Editorial policy · How profiles are compiled