9 banks,FIs subscribe subordinated bond

Mercantile Bank Limited (MBL) has recently signed a subordinated bond agreement with the institutional subscribers in a function held at Hotel Ruposhi Bangla in the city. IDLC Finance Limited is the lead arranger while MBL is the issuer of the bond. MBL in its bid to raise the capital base has executed the bond agreement with the institutional investors that will facilitate the lending expansion capacity and at the same time will spur the Capital Adequacy Ratio (CAR) under the Basel II regime. M. Ehsanul Haque, Managing Director & CEO of Mercantile Bank Limited and Selim R.F. Hussain, CEO & Managing Director of IDLC Finance Limited thanked all the subscribers on behalf of their respective institutions for spontaneous response to the deal. The subscribers to the issue are BRAC Bank, ONE Bank, NRB Commercial Bank, Dhaka Bank, IDLC Finance, NRB Bank, Pubali Bank, United Leasing and National Life Insurance Company, according to a statement.