Mercantile Credit Bank

Last updated
Mercantile Credit Bank
Company type Private company
Industry Financial services
Founded1981;43 years ago (1981) and commenced operations 1986
Headquarters
Kampala
,
Uganda
Key people
Ambassador Stephen Nabeta (chairman), Mr. Paul Senyomo (managing director)
Products Loans, Savings, investments, Leases, Foreign currency trading
RevenueIncrease2.svgAftertax:US$68,750+ (UGX:174 million) (2012)
Total assets US$9.9 million (UGX:25 billion) (2012)
Website mcb.co.ug

Mercantile Credit Bank (MCB), was a Ugandan tier II financial institution licensed by the Bank of Uganda, the national banking regulator. [1]

Contents

MCB was classified as "credit institution", one of only four such institutions in this class of financial service providers in the country. [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

MCB 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, MCB was categorised as a Tier II Institution. As a tier II financial institution, MCB 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 license. [5]

On 18 June 2024, the Bank of Uganda revoked the license of Mercantile Credit Bank and closed the institution on account of undercapitalization and failure to adhere to the terms of its license. [6]

Branch network

The institution's outreach strategy was supported by the Agency Banking model and the partnerships it has with Top Tier I Supervised financial Institutions. MCB maintained its branch headquarters at Plot 8 Old Port Bell Road, in Kampala's central business district. [2]

See also

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References

  1. ↑ Nicholas Kalungi (24 November 2011). "Opportunity Uganda Takes On New Name". Kampala, Uganda. Retrieved 20 April 2014.
  2. 1 2 BoU (31 March 2023). "Licensed Credit Institutions As At 31 March 2023" (PDF). Bank of Uganda (BoU). Kampala, Uganda. Retrieved 21 August 2023.
  3. ↑ Jeff Mbanga. "Kenyan Banks Assert Presence In Uganda". The African Executive. Archived from the original on 27 March 2014. Retrieved 20 April 2014.
  4. ↑ "Mixed Fortunes For Banks In 2012". Summit Business Review. 21 May 2013. Retrieved 20 April 2014.
  5. ↑ "Profile of Mercantile Credit Bank". Gmachgroup.com. Retrieved 20 April 2014.
  6. ↑ Othman Semakula (18 June 2024). "BoU closes Mercantile Credit Bank". Daily Monitor . Kampala, Uganda. Retrieved 19 June 2024.
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