Mercantile Credit Bank
Mercantile Credit Bank Limited (MCBL), commonly referred to as Mercantile Credit Bank, is a Ugandan tier II financial institution licensed by the Bank of Uganda, the national banking regulator.[1]
| Type | Private |
|---|---|
| Industry | Financial services |
| Founded | 1981 and commenced operations 1986 |
| Headquarters | 8 Old Portbell Road Kampala, Uganda P.O.Box 620 |
Key people | Ambassador Stephen Nabeta chairman Mr. Paul Senyomo managing director |
| Products | Loans, savings, investments,Leases, Foreign currency trading, |
| Revenue |  Aftertax:US$68,750+ (UGX:174 million) (2012) |
| Total assets | US$9.9 million (UGX:25 billion) (2012) |
Overview
MCBL is classified as "credit institution", by the Bank of Uganda, the country's central bank. MCBL is one of only four institutions in this class of financial service providers in the country, the others being Brac Uganda Bank Limited and PostBank Uganda.[2][3]
As of December 2011, the bank's total assets exceeded US$6.6 million (UGX:16.5 billion), with shareholders' equity of approximately US$1.6 million (UGX:4 billion). In December 2012, the total assets were estimated at US$9.9 million (UGX:25 billion) following its growth in operations.[4]
History
MCBL was registered as a Merchant Bank in 1981 and commenced operations in 1986. Following the review of the banking laws in Uganda that led to the financial Institutions Act of 2004,MCBL was categorised as a Tier II Institution. As a tier II financial institution, MCBL is allowed to establish customer savings and fixed deposit accounts and other core banking products including provision of credit facilities, fund transfers and foreign exchange trading given the nature of its licence.[5]
Ownership
Mercantile Credit Bank has four share holders that include two Institutional shareholders and two individual shareholders
Branch network
MCBL maintained its branch headquarters at Plot 8 Old Portbell Road, in Kampala's central business district. The institution's outreach strategy is supported by the Agency Banking model and the partnerships it has with Top Tier I Supervised financial Institutions.
Governance
MCBL's activities are directed by their Board of Directors. The chairman of the eight-member board is Ambassador Stephen Nabeta.
The Chief Executive Officer Mr. Paul Senyomo and Executive Director is Mr. Ronald Jaggwe.
See also
References
- Nicholas, Kalungi (24 November 2011). "Opportunity Uganda Takes On New Name". Retrieved 20 April 2014.
- "Supervised Financial Institutions: Credit Institutions". Bank of Uganda. Retrieved 20 April 2014.
- Mbanga, Jeff. "Kenyan Banks Assert Presence In Uganda". The African Executive. Archived from the original on 27 March 2014. Retrieved 20 April 2014.
- By, Editors (21 May 2013). "Mixed Fortunes For Banks In 2012". Summit Business Review. Retrieved 20 April 2014.CS1 maint: extra text: authors list (link)
- "Profile of Mercantile Credit Bank". Gmachgroup.com. Retrieved 20 April 2014.
