Mercantile Bank to increase rural branches
Tuesday, 2 June 2009
FE Report
Mercantile Bank Ltd, a leading third generation private commercial bank, plans to increase its rural branches this year giving a thrust on agricultural development of the country.
"In order to reach the banking service to the door of the rural people along with urban area, we have planned to increase rural branches," said Abdul Jalil MP, chairman of the bank, in a press conference organised to mark its 10th founding anniversary in a city hotel Monday.
The bank began operation on June 2, 1999.
"We have also plan to introduce scientific method for land cultivation by providing tractors to the farmers," he added.
Jalil said, "Mercantile Bank is fully committed to conduct its business activities in an economically, environmentally and socially sustainable manner as it always fosters the motive in mind to build an ever-lasting warm relationship with the customers, employees, capital providers and so on."
Currently, the bank has 10 rural branches and it will set up two more such branches in the country.
"The bank, so far, distributed Tk 1.25 billion among the farmers as agricultural loan. Of which, Tk 250 million was distributed last year," said its managing director Dewan Mujibur Rahman.
First vice chairman MS Ahsan, senior vice chairman Golam Faruk Ahmed, directors Al-Haj Akram Hossain and Toufique Rahman Chowdhury, among others, were present at the press conference.
Expressing optimism to consolidate the bank's position years to come, Rahman said, "We are working relentlessly to deliver our banking service with international standard across the country."
The Mercantile Bank has 42 branches and several SME centers across the country. This year it will also set up eight more branches in different areas of the country.
To gear up its corporate social responsibility (CSR), the bank set up Mercantile Bank Foundation in 2002. Since then, it continues to reward distinguished persons for their contribution in their respective fields in the society and economy.
"We keep one per cent of operating profit earned by the banks every year for the Foundation in awarding society's distinguished persons in eight sectors," its managing director said adding that sponsors of the bank donates to the Foundation a lump sum amount at a time or amount on yearly- basis from their own funds or their own business source.
The bank has given Tk 2.5 million for people affected by recent Aila swept across the costal belts of the country.
In the last ten 10 years, it deposited Tk 2.97 billion in the government exchequer as tax.
In 2008, the bank's aggregate asset stood at Tk 4.19 billion, paid up capital Tk 2.15 billion, operating profit Tk 1.59 billion and deposit Tk 49.54 billion.
Mercantile Bank Ltd, a leading third generation private commercial bank, plans to increase its rural branches this year giving a thrust on agricultural development of the country.
"In order to reach the banking service to the door of the rural people along with urban area, we have planned to increase rural branches," said Abdul Jalil MP, chairman of the bank, in a press conference organised to mark its 10th founding anniversary in a city hotel Monday.
The bank began operation on June 2, 1999.
"We have also plan to introduce scientific method for land cultivation by providing tractors to the farmers," he added.
Jalil said, "Mercantile Bank is fully committed to conduct its business activities in an economically, environmentally and socially sustainable manner as it always fosters the motive in mind to build an ever-lasting warm relationship with the customers, employees, capital providers and so on."
Currently, the bank has 10 rural branches and it will set up two more such branches in the country.
"The bank, so far, distributed Tk 1.25 billion among the farmers as agricultural loan. Of which, Tk 250 million was distributed last year," said its managing director Dewan Mujibur Rahman.
First vice chairman MS Ahsan, senior vice chairman Golam Faruk Ahmed, directors Al-Haj Akram Hossain and Toufique Rahman Chowdhury, among others, were present at the press conference.
Expressing optimism to consolidate the bank's position years to come, Rahman said, "We are working relentlessly to deliver our banking service with international standard across the country."
The Mercantile Bank has 42 branches and several SME centers across the country. This year it will also set up eight more branches in different areas of the country.
To gear up its corporate social responsibility (CSR), the bank set up Mercantile Bank Foundation in 2002. Since then, it continues to reward distinguished persons for their contribution in their respective fields in the society and economy.
"We keep one per cent of operating profit earned by the banks every year for the Foundation in awarding society's distinguished persons in eight sectors," its managing director said adding that sponsors of the bank donates to the Foundation a lump sum amount at a time or amount on yearly- basis from their own funds or their own business source.
The bank has given Tk 2.5 million for people affected by recent Aila swept across the costal belts of the country.
In the last ten 10 years, it deposited Tk 2.97 billion in the government exchequer as tax.
In 2008, the bank's aggregate asset stood at Tk 4.19 billion, paid up capital Tk 2.15 billion, operating profit Tk 1.59 billion and deposit Tk 49.54 billion.